From mobile recharge to money remittance: PayBingo’s story

With a vision and grit to make life easier for many, Parveen Wadhwa, decided to take on the world of money remittance head-on in 2016. Today, his company, Pranav, has a yearly business of 109 crores and a target of 700 crores for the current year. But how did it all start?

Having spent many years of his life specialising in mobile recharge domain, Parveen realised that there had been a drastic decline in customer volume at mobile recharge shops, but at the same time he saw a promising opportunity in the money remittance business. This was the turning point in Parveen’s career, where he decided to do an in-depth research about this market and see what it has to offer. In his quest, he stumbled upon Eko and decided to start his own journey with Eko as API partner and ventured into the business of money remittance.

According to Parveen, there are two essential points when it comes to business. First, one has to have a vision. A vision, which would explain what an individual wants to do in the market. Second, the right amount of knowledge to execute that vision. While there was no shortage of former, Parveen found the latter in Eko. In Parveen’s words, “I had the strategy, skills to create a business and Eko had the technical backing that I was looking for; this collaboration is what worked for me and kept me going.”

With a current merchant network of 9000+ in Haryana, Himachal, NCR, UP, MP, Maharashtra and Tamil Nadu, Parveen credits Eko’s system for the success. According to him, Eko’s system has the best integration process and API document. A document, which unlike its competitors, is always updated.

Adding to this is the transparency that Eko maintains with its partners. “Eko was the only business in the market which came up with a fair deal’, says Parveen.” The company instilled such trust and confidence in its partners that the concept of fraud or cheating is automatically omitted,” he adds.

Looking back, Parveen feels that the reason he trusted Eko to such an extent was that it belonged to a group of educated people who understood technology. For him, hiring people for business is easy but hiring people for technology is complex and requires the individual to be an expert in it. Another reason for this trust is the symbiotic relationship between Eko’s backend and his own business. From Eko’s side, Parveen has been an evangelist for them. He has gone out of his way to bring in more partners and business for Eko, for which Eko will always be grateful to him.

Such a fruitful association shows the hard work that goes into running a money remittance business. It’s not just about building the right technology; rather it’s building the right relationships. Parveen’s conclusion on this partnership? “Eko supported me and assured me that they would never let me down and would always help me with my concerns, no matter what.”

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