PayQ declared as India’s first “Neo Bank”

Fintech giant PayQ expanded its business operation straight by revamping the user experience into its all-new “PayQNeo”, which is the next generation Global banking system and entering the market at the right stage. Post-COVID where the conventional customers are moving away from physical banks and physical cash and captioned more towards online banking and wallets, PayQ’s burgeoning “neo bank”, extends an array of digital-banking services to consumers and small businesses remarkably impress global entrepreneurs.

Globally, ‘neo-banks’ are essentially 100 percent digital banks, they are considered to be a more nimble version of old-fashioned banking, which appeals to the younger, digitally savvy customers. They are a kind of digital bank without any branches.

Rather than being physically present at a specific location, neo banking is entirely online. It’s a wide umbrella of financial service providers who beseech today’s tech-savvy customers. Neobanks can be called Fintech firms that provide digital and mobile-first financial solutions payments and money transfers, money lending, and much more.

With the payments segment crowded and lending platforms up against the realities of India’s tight credit markets, the buzz and the money has shifted towards India’s first Neo Bank, by Shibabrata Bhaumik, the founder of PayQ.

To make banking simple, convenient, and globally accessible without any cross-border interference, PayQ launched its new banking platform for everyone across the globe.

PayQ commenced with online payments, then online lending and asset management platforms and now it’s the next generation of banking system called “Neo Bank”. PayQ’s Neobank is grabbing the attention of global entrepreneurs & investors.

PayQ Founder and CEO, Shibabrata Bhaumik says “The traditional banks established themselves as product-oriented, however, the “PayQ Neo” is a banking experience designed around human needs, the basic use of finance, how the customer can control entire financial transactions in one place and redefine their relationship with money. We wish to deliver a platform with intelligent insights and savings tools that will help a user in savings, help in e-commerce transactions seamlessly, payment rewards, investments, and credit is personalized for the individual and managed autonomously by technology.”

“PayQ Neo” comes extremely handy and ingenious which operates from the headquartered in the United Kingdom and as the financial landscape is shifting towards customer experience and satisfaction, a gap has developed from what the traditional banks offer to what customers expect. The recent financial frauds happening with end users, where back shift the entire accountability towards the bank customer in another big off-ramp for the end users.

Shibabrata Bhaumik reviews the advance fraud filters in PayQ Neo, which are completely customizable so that the end user can set them up based on their usage, industry, product, current sales or promotions, work schedule, and ecommerce store abilities. The fraud filters can be layered on top of each other to create a robust yet precise assessment of all transactions that comes through PayQ Neo. Shibabrata Bhaumik complains that in Asian Countries, the banking is still very timeworn style. He suggests “imagine you could automatically stop fraudulent orders from processing in your store to stop a Scam or Fraud before it actually happens. Think about how much money the business owner or end user would save. Think about the time saved.

PayQ’s fraud filters may sound like something from the distant future, but they are a real thing right now with the all-new PayQNeo. As of now, PayQ has started its full-fledged operations, while some others, such as Yelo, are conducting pilot testing. Some, including Jupiter by Citrus Pay co-founder Jitendra Gupta and epiFi by former Google Pay executives Sujith Narayanan and Sumit Gwalani, have raised funds and are expected to launch operations soon.

PayQ is offering zero mark-up fee (usually, this fee is 2.9% of the amount) for customers using their debit cards abroad, to promote it as an alternative to the classic Forex card issued by most traditional banks.

It also offers better control of the card through an app. A user could activate and deactivate the card, check the prevailing exchange rates, issue duplicate cards, set limits, and so on. PayQ is also offering international savings account in partnership with International Banks and they will have Zero fee on ATM withdrawals, solutions around investing, and no transactional fee till $50,000/month.

The “Fintech Chanakya” Shibabrata Bhaumik acknowledges in the recent interview that “PayQNeo” uses artificial intelligence (AI) and machine learning (ML) to analyze the spending of customers and offers to help them to have more control over their finances. It generates reports with insights on their spending and saving behavior. It also suggests data-driven investment plans. For example, just like online mutual fund platforms, customers can set up goals. The AI-driven platform will suggest a mix of investments and allocation each month.

Shibabrata suggests that “PayQNeo” offers 1% cashback on every purchase from $1 to $500, complimentary airport lounge access, mobile protection plan, and a customized Premium Visa debit card. There are many apps such as PhonePe, Google Pay, and Paytm that offer solution for payments and investments. “Some solutions that neo-banks address could be similar to the current offerings of other fintech. But they are also addressing problems in banking that other fintech doesn’t.

For example, if the customer has $100 lying in the account for some weeks, the AI can suggest that the money be kept in a liquid fund or a sweep-in fixed deposit that can earn better returns. This can be done in a few clicks. In the case of other apps offering solutions, the customer needs to be proactive to do this.

There are salient features that “PayQNeo” can offer that other fintech can’t.

A simple way to look at “PayQNeo” is to think of them as traditional banks with better features. They lower the cost of banking, give customizable solutions, help in better management of money, offer better customer service.

The PayQ Founder & CEO Shibabrata Bhaumik emphasizes that “COVID19 had helped to accelerate the digital espousal of financial services and contactless payment due to pandemic and now we see the future of PayQ more bright and longer-term trend with a hope to transform this the pandemic situation into a great opportunity to ride the digital wave where the opportunity for ‘neo-banks’ is “huge” as they are targeting specific customer segments with digital services over and above what banks provide.

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Shibabrata Bhaumik is a young first-generation Indian entrepreneur, who has developed application program interfaces (APIs) for India’s ambitious Unified Payments Interface (UPI) for processing digital payments and recently founded the peer-to-peer (P2P) accommodation chain called as hotelnstudio.com, which has identified unmet demands in traditional accommodation systems and allowed people to offer private accommodation to their peers.