Pay&Serve, a distinguished brand within the PSISPL Group, stands out as one of India’s fastest-growing and most trusted Digital Lending Aggregator (DLA) fintech platforms. Over the past five years, the company has established a robust reputation in the digital lending sector, becoming a recognized leader in the industry. As Pay&Serve evolves, it is poised to enter a new era, expanding its B2B and B2C business models.
As a pioneer in technology-driven financial solutions, Pay&Serve provides a comprehensive suite of integrated digital financial products and services. The company prioritizes customer satisfaction and innovation, ensuring that it remains at the forefront of the industry. Through its forward-thinking initiatives and policies, Pay&Serve is committed to becoming India’s most trusted DLA platform. Its innovative business model has transformed the way individuals access loans across various categories, setting new benchmarks for the industry.
In an exclusive conversation with The Interview World, Pankaj Kr Prabhay, Co-founder of Pay&Serve, shares an in-depth overview of the financial lending services his company offers. He discusses the strategic focus on the rural sector, insights into the customer and merchant base, and highlights the partnerships with banks and NBFCs. Furthermore, he emphasizes the positive responses from customers. Below are the key takeaways from this insightful conversation.
Q: Can you provide a detailed overview of the financial lending services and facilities offered by Pay&Serve to its customers?
A: Pay&Serve is a FinTech startup strategically focused on serving Tier 2 and Tier 3 cities in India, delivering a SaaS-based platform tailored to meet the needs of these markets. By partnering with multiple banks and NBFCs, we have developed a range of innovative products specifically designed for rural customers.
One of our key offerings is a user-friendly banking app that facilitates seamless account opening and transactional banking services. In addition to this, our platform provides digital lending solutions, enabling customers to obtain loans in under 30 minutes without the need for extensive paperwork or lengthy procedures. Moreover, our platform simplifies the entire process, making it accessible and efficient for all users.
Q: What are the key reasons and goals behind your decision to focus on rural India as a target market?
A: Rural areas, particularly Tier 2 and Tier 3 cities, face significant challenges in accessing banking and lending facilities. While some banks and ATMs are present, the availability of these services remains far below the rising demand, especially in Tier 3 cities. This gap represents a major opportunity for us. Our goal is to address this issue by bridging the gap and ensuring accessible financial solutions for everyone in these underserved regions.
Q: Can you share the total number of customers you currently serve nationwide?
A: Over the past six years, as of July, our company has built a pan-India merchant network exceeding 80,000. During this time, we have also served more than 10 million customers across the country.
Q: Can you explain the financial model that drives your operation?
A: Our financial model is straightforward. We have partnered with banks that provide a revenue-sharing structure. We pass this revenue model on to our merchants, while our partner banks share revenue with us. In turn, we distribute a portion of this revenue to our partners as well. This serves as our primary source of income.
Q: What are your long-term goals and strategic plans for the future?
A: We are executing an aggressive growth strategy, focusing on expanding partnerships with more banks and NBFCs. Additionally, within the next 4 to 5 years, we aim to secure an NBFC license to enhance our offerings and deliver seamless financial services to our customers.
Q: Can you provide the number of banks and NBFCs that you are currently partnering with?
A: Our platform now hosts over 60 active lenders, including more than 30 banks, operating across Pan India. Leading public sector banks such as SBI Home Loan, Punjab National Bank, Canara Bank, and Indian Bank are key partners. In addition, we have strong partnerships with top private sector banks like ICICI Bank, HDFC, Kotak Mahindra Bank, Axis Bank, and Anderson Bank.
We have also collaborated with numerous NBFCs, including industry leaders such as L&T Finance, Hero FinCorp, Aditya Birla Money, and Bajaj Capital. These top NBFCs are among the largest players in the country, driving the NBFC segment across India.
Q: What has been the response of consumers, particularly those from rural areas, to the services you offer?
A: We have established a hybrid platform that combines both physical and digital services. In every region, including rural areas, we have set up physical stores as touchpoints. These locations are operated by our merchants, also known as banking correspondents (BCs), who act as our partners.
Customers can visit these stores to access a wide range of services, such as opening a bank account, receiving loan advice, or getting insurance recommendations. This makes it convenient for anyone to consult directly with our merchants, who are equipped to provide tailored solutions to meet their needs.
Q: What is the gender distribution of users on your platform?
A: The majority of our customers are male, with women making up a smaller portion of the financial and digital banking user base. Currently, approximately 70% to 75% of our customers are male, while around 25% are female.
