Forbes India 15th Anniversary Special

Simplifying the path to cashless economy

Shubham Ghosh, CEO, Paylo has been working towards building an application experience which sets Paylo apart from its contemporaries

Published: Mar 16, 2020 12:19:47 PM IST
Updated: Mar 25, 2020 06:08:27 PM IST

Simplifying the path to cashless economy

Shubham Ghosh had dreamt of taking the Prime Minister’s idea of digital India forward and the key to the biggest challenge in making India a noteworthy economy lies in making India comfortable in making transactions online. Putting his heart and soul into a company that he had purchased from the owners of a big MNC Shubham has worked for two things primarily to help every person making transactions have a pleasant experience. The first is speed and the second is user-friendliness. Both of these have been the most crucial areas to work on for any company and Shubham has been successful in developing a platform for making payments in not only a quick way but also in a very easy way.

With the announcement of demonetisation and addressing the need of the hour of a reliable, uncomplicated and user-friendly application to make payments effortlessly, Paylo was launched by Shubham Ghosh. The brains behind the product include investment bankers and technology entrepreneurs who thrive hard to add to positive user experiences.

Paylo offers a host of transaction method options including QR code scanner as well as payment through UPI. Knowing that going cashless was a tough thing to do for Indians, Paylo was developed to enable and empower people as well as encourage them to transact digitally with ease. Along with individuals, the application is also beneficial for retailers,merchants and traders.

The USP of the application lies in its speed and user friendliness. The team continuously works towards making the use of Paylo easier with each transaction. Collecting regular feedback and reworking on the design is important part of Paylo’s regular practice. Paylo is an expert at catching fraudulent payments, thereby helping people save their money.

Calling itself a mediator between banks and users with the use technology, Paylo has made its presence felt on both Android as well as iOS platforms.One quality that the company can boast of I its agility. They have made SMS gateways through the transactions can take place within seconds. The present generation does not believe in being slow and thus, it is very important to have an equally agile and responsive application for them when it comes to dealing in money matters.

Though not all people have access to the product yet, but it is highly beneficial for retailers and businessmen, who struggle with making instant transactions.

The company is planning to launch the domestic money transfer app by 2020 end which will help all the people transfer money easily across villages where the the population is not yet comfortable in transacting digitally. This will be a free to use medium for one year.

They also aim to provide 5% return on mobile recharge, which is smart move as to empower the clients digitally and to encourage them to use technical methods to transact it is important to first encourage them to buy additional data services.

The proof that the company has grown tremendously in a very short span of time under the supervision and guidance of Shubham Ghosh is that they have added big names to their list of clients.

Disclaimer: The views, suggestions and opinions expressed here are the sole responsibility of the experts. No Forbes India journalist was involved in the writing and production of this article.