DigitSecure: Easing digital payments for enterprises
The 10-year-old company supports payments on a variety of devices for many clients ranging from e-commerce, banking, insurance, and mutual funds
Hyderabad: When Jay Krishna moved to Hyderabad after working in the US for almost 11 years, he was passionate about building a payments company. However, due to regulatory issues, he dabbled with a technology company that directly and indirectly helps digital payments.
His company, DigitSecure was formally launched in 2010 when India was warming up to the concept of e-commerce, and cash on delivery was the preferred choice of payment. However, Krishna and his team wanted to change this and partnered with many e-commerce sites to collect card payments at the customers’ doorsteps and also worked with insurance clients for collecting payments using a single device.
The 10-year-old company supports payments on a variety of devices for many clients ranging from e-commerce, banking, insurance, and mutual funds. The platform enables both customer on-boarding and payment acceptance digitally, regardless of the device or the operating system. It got RBI approval in 2011 and has its operations in 18 countries.
“We were slowly trying to understand the digital difficulties faced by our clients and worked with the banks to solve them,” said Krishna, who is born and brought up in Hyderabad and had shifted to the US to pursue his Masters. He eventually worked in big MNCs before starting DigitSecure.
Understanding the need for digital payments during the pandemic where touchless and contactless was becoming the normal, Krishna and his team launched its contactless payment solution. This solution, according to Krishna, has been a work in progress since 2018 and the pandemic provided the right opportunity to roll it out. The solution enables small and medium enterprises, merchants, and local businesses to accept payments through their smartphones that will act as a point-of-sale (PoS) device.
“For the tap to phone card acceptance solution, we partnered with Visa and HDFC Bank to successfully deploy the PCI certified card acceptance solution. With this deployment, India has joined 15 markets that now provide the Visa Tap to Phone technology. We are trying to make contactless payment acceptance simple and affordable for millions of SMEs in India and across the globe,” he said. The merchants have to download the application to provide the Tap to Phone technology and pay a recurring subscription fee along with a one-time implementation fee and transaction fee.
Currently, the Hyderabad-based company is witnessing one million transactions per day happening through its various platforms, and it plans to reach $20 billion in payments volume with over a million merchants. The bootstrapped company is looking to raise funds shortly.
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