SETTING HIGH STANDARDS
MR. PARVEEN WADHWA FOUNDED PAYBINGO, A RAPIDLY GROWING FINTECH COMPANY IN INDIA OFFERING DOMESTIC MONEY TRANSFERS, AEPS, MATM, AND UTILITY PAYMENTS. DRIVEN BY A MISSION TO ADVANCE FINANCIAL INCLUSION, HE USES API BANKING TO CONNECT UNDERREPRESENTED GROUPS WITH MODERN DIGITAL SOLUTIONS
HUMBLE BEGINNINGS
Mr. Wadhwa began his career at the age of 14 as a newspaper hawker and later became a PCO operator and mobile shop owner. Before founding PayBingo, he held various sales positions within the digital payments sector. His primary areas of strength are sales and technology, which he has successfully applied to drive company expansion. He also excels in developing retail touchpoints and gathering consumer feedback, enabling him to meet UI/UX needs and implement new services effectively. His hands-on approach and keen understanding of consumer requirements play a crucial role in delivering tailored solutions in the digital payment domain.
Under Mr. Wadhwa’s stewardship, PayBingo, founded in 2016 in Kurukshetra, Haryana, has evolved from a fledgling startup into a significant entity in India’s financial services sector. Over the years, the company has established a robust presence across 24 Indian states, with an extensive network of 87,000 channel partners serving over 6,000,000 customers monthly. This rapid expansion highlights PayBingo’s strong foothold in the market. Mr. Wadhwa also keeps himself abreast of technological advancements to stay in tune with changing times and is a passionate advocate for Digital India.
UNFAZED BY CHALLENGES
Despite encountering significant challenges, such as the cash crunch during India’s demonetisation drive in 2016 and the disruptions caused by the COVID-19 pandemic, Mr. Wadhwa remained unfazed. His quick thinking and adaptability proved invaluable in overcoming these obstacles. By embracing digital transactions during demonetisation and swiftly implementing robust technology infrastructure during the pandemic, he not only helped his company weather the storms but also thrive during turbulent times.
CAREER MILESTONES
Mr. Wadhwa’s breakthrough came during a trip to Uttarakhand, where he observed the lack of banking services in a small village of about 500 residents. With the nearest banking facilities located 20 kilometres away, the villagers faced significant barriers to accessing essential financial services. Inspired by this challenge, he came up with a solution that would bring banking services directly to the villagers’ doorstep. He transformed local “kirana” stores into banking touchpoints and turned them into vibrant hubs of financial activity. By integrating API banking solutions, these stores currently offer a range of banking services, from deposits and withdrawals to bill payments and micro-loans. This innovation has not only brought banking closer to the villagers but also empowered local shopkeepers to serve as crucial links in the financial ecosystem.
DRIVEN BY VALUES
Mr. Wadhwa is a staunch advocate of ethical business practices. His strict adherence to ethical conduct has not only influenced his company but also sets a good example for others in the field. As the driving force behind his company, he instils these values within his team and channel partners. Through rigorous training and unwavering commitment, Mr. Wadhwa ensures that every transaction reflects integrity while strengthening the company’s credibility within the industry.
GARNERING ACCOLADES
Mr. Wadhwa’s leadership has earned PayBingo recognition from the Times of India in 2022 for its role in India’s FinTech industry. This highlights his commitment to financial inclusion and community empowerment through innovative digital efforts.
