Payment Gateway Billdesk
In India, the payments market is growing at 50-100% growth rate and will be around 60-70% range since the base is large now. These are exciting times and there are good quality e-commerce players in this space. The first is – with loyalty you can leverage payments. Second – discounted deal offerings work. We’ve done the difficult work and now it’s the next phase of growth. Founded in 2000, BillDesk has grown faster than the market, to be the most comprehensive provider in India of an integrated range of electronic payments and remittances solutions and transaction processing services. Currently the non-travel segment of e-commerce is still a small part of the overall online payment flows. Today, BillDesk is the Trusted Partner of India’s largest institutions and powers online and mobile payments for thousands of the fastest growing and most reputable merchants in India. A product and service of over 10 years of market leadership, BillDesk provides a single versatile, scalable platform for enterprise wide electronic payments and collections and related reconciliation operations, across multiple lines of business. However we would expect to see significant growth in this segment in the coming years. Techcircle.in caught up with Srinivasu M N, Co-Founder & Director, BillDesk to ask about the deal and learn more about his business, the current online payment industry and the flux introduced by the sudden growth of e-commerce in India. You can schedule your online payments and even pay taxes using BillDesk. What are the synergies you have with loyalty programs? There are two trends which worked in the West which people are going to look to experiment with in India. What are your revenues and net profit? We cannot share that information as we are a privately owned company. Internet Banking, ATM Banking, Mobile Banking, Card gateways, IVR, Electronic Clearing Services, Automated Clearing House etc. On Tuesday, a media report said that American Express was planning to acquire a significant majority stake in one of India’s largest payment gateway BillDesk for Rs 600 crore.
Payment Gateway Billdesk
What about acquisitions? There are a lot of acquisitions happening, but we will continue to build out as a dominant player. What does BillDesk do? With our services, users have a set of payments for utility bills, mobile bills, insurance payments, online mutual funds and SIP payments. India also has a large mobile userbase and should be able to leverage this for payments. BillDesk works over various media such as mobile, online, IVR, etc and offers standing instructions, so generally when players get to a level where they want to broad-base their payment gateway, they choose us. What are your plans going forth? We are a 10 year old company and the opportunity to grow from here is stupendous given the ecosystem is growing at a fast clip. We have no interest in being acquired in the short term. India has a lot of things going for it and growth rates will be significant. – are also getting serious about electronic and online transactions. We assess this to be a function of customer decision-making pattern. Today, BillDesk delivers and manages specialized payments and remittance solutions across various vertical markets such as banking, telecom, insurance, utilities, financial services, travel and e-commerce. We are at the beginning of a significant period for the online payment ecosystem in India. We are channel agnostic. and across a range of payment mechanisms and modes viz. Credit Cards, Debit Cards, Online Banking accounts, offline banking accounts, prepaid cards, mobile wallets, retail channels, recurring billing and card storage. BillDesk services are available across a range of access channels viz. The online payments market is still much larger than the e-commerce market and the benefit from India’s e-commerce growth will flow through to us. The payment behaviour is also of better quality at the large biller, merchants and utilities sites compared to e-commerce stores, with over 90 per cent of users successfully completing the transaction, whereas dropouts on pure-play e-commerce sites is higher. The changing demographics and profiles of transactors indicate that the presumption that they will transact online is right. Are the reports of Amex looking to acquire BillDesk true? No, there are no talks…they are just a regular client. Its global-scale infrastructure ensures quick deployment, robust service delivery, central financial and management control and ensures that best-practice processes are enforced across the operation in compliance with respective organization needs and related regulatory requirements. How is the growing e-commerce sector affecting online payments? The online payments market can be seen as 3 key segments (a) Online payments towards bills, utilities, taxes etc (b) Travel based e-commerce payments and (c) Non-travel segment e-commerce payments. BillDesk is completely neutral and we will work with all types of programmes. As long as the sectors are able to work with banks, these issues will get ironed out. All the large entities – telcos and insurance companies etc. What are the key trends in the payment industry? Online banking is the largest category of online payment transactions. All the user’s actions are geared towards completing the transaction whereas on an e-commerce site, he may change his decision. We keep getting feedback from e-commerce sector that customers are choosing cash on delivery. So if there is a loyalty program, it will ride on payment mechanism. What is your market share? Where are you positioned in this sector? There are no official reports on the online payment sector as of now to offer you details of market share. Regulations have evolved to offer 2nd factor of authentication and it’s more of a customer education issue now.
Payment Gateway Billdesk
BillDesk BillDesk BillDesk is India’s leading and most trusted Electronic Payments Service Provider. Regular banking account customers as well as credit card users can use the service. Our services typically reach out to this customer base, whether it is from bank channel or a biller or merchant channel. BillDesk, which offers online payment services for telephone bills, electricity bills, cell-phone bills, credit card bills, depository account charges and ISP charges, had raised $7.5 million in 2006 from State Bank of India and California-based Clearstone Venture Advisors. Globally, they are finding that payment is key and at the heart of everything. If i wear the hat of an e-commerce service provider, this has tended to mean lower transaction volumes from consumers. We are fairly dominant on the merchant side – especially in the large merchant category with OTAs such as Kingfisher, Jet Airways and Indian Airlines using BillDesk. The good thing that has happened is regulations in this space, which have clearly outlined definitions as to where the market is going and gives comfort to large players who are looking at India. Are you seeing any interest from international companies in India’s online payment industry? We are seeing significant interest in India from international payment companies. How many clients do you have? We have 45 banks and financial institutions on one hand and the other side 250-300 large billers – all the major telecom operators, 20-odd electricity companies, 30 insurance companies, as well as mutual funds, travel companies and large pure play e-commerce platforms. Customers do experiment and may drop off at some point. Credit cards dominate over debit cards but the trend is toward faster adoption of debit cards and we are seeing a 60-70 per cent growth in payments using debit cards. The company offers (a) universal electronic bill presentment and payment services, which allows users to receive, review, pay and organize bills online; and (b) payment gateway solutions that are tailored to the unique needs of specific industries and facilitate merchants and financial institutions offer the widest possible range of payment options, for their customers to make online payments, securely and efficiently. BillDesk has won various accolades for its technology and services including being recognized, by Deloitte Touche Tohmatsu, consecutively for many years now, as one of the Fastest Growing Companies in Asia Pacific. There are about 250 million cardholders (debit & credit combined) and we estimate that there are over 70 million customers with netbanking access. What are the issues with payment gateways? Are regulatory changes still affecting business? India has very progressive regulations and regulations are meant to secure transactions and have been replicated globally. As the market matures, customers will get more comfortable towards online transactions. Take the LIC site, for example.