CEO Insights India

Today, not just behemoths, but MSMEs and SMEs are also greatly realizing the significance of B2B platforms and adopting them to manage their cash flows. But in 2017, the scenarios were quite contrasting. There was a huge gap in the market because most enterprises were misguided by the fake commitments and discounts offered by recharge companies, thereby depriving them of proper quality services. This is exactly what triggered Rashmita Nayak & Vinay Sharma (Directors, IMwalleT) to come-up with a onestop-shop for retail networks, which bestowed them with top-notch and highly transparent Telecom and Fintech services.

IMwalleT (owned & operated by Virtual Wallet Systems Private Limited) is the brainchild of the duo, which outclasses as the fastest growing and reliable Telecom Aggregator in India providing B2B business through its retail & distributor channel partner networks. Through this platform, retailers are not just able to make smooth and convenient transactions, but relish a rapid and steady growth in their sales. The Directors, Rashmita – a banking & finance maven, and Vinay – a B2B telecom & Fintech expert, are collectively spearheading IMwalleT today and presenting user-friendly products/services to their clients. In an exclusive conversation with CEO Insights, the duo has explained a great deal about their company and its exceptional payment services.

How has the journey of IMwalleT been so far?
In the beginning, we offered API and white-label services to our target audience in order to receive instant

results. But it was not an easy feat! Back then, the market scenarios were quite appalling, wherein many big distributors were being deceived by well-known companies. It is here we endeavoured to gain customers’ utmost trust by providing them transparent, top-notch and authentic services. Adhering to ‘Test first then pay’ method, we allowed our clients to test our services for a month (as required) and then proceed with the payment. This indeed enabled us to create good and healthy relationships with our clients, right from the time of inception. Our past experiences and learnings has made it really easy for us to convince retailers and distributors to onboard with us and enjoy our fleet of services.

Brief us on your wide range of payment services.
IMwalleT, our fast, reliable and secure payment processing platform, is undoubtedly ‘Har Retailer ka Wallet’. This is because we ensure to offer a wide range of Recharge, Bill and Utility Payment services under one platform to both retailers and distributors. Some of these services are prepaid mobile & DTH recharges under telecom, postpaid bill, electricity bill, water bill, insurance premium & gas bill payments under utility payments, domestic money transfer services under Fintech, IMPS & NEFT under money remittance to banks, and flight & hotel booking services under tours & travel. At the backend, we utilize APIs, white-label payment gateway (it should be ‘White-label Solution’), Android app or web software to deliver the above services.

What is the process followed behind your payment platform?
Once we sign the deal with a retailer or distributor, our support team makes a demo call to explain in detail about creating proper ledger reports, transaction details and completing a successful transaction. Later, we assign a

dedicated point-of-contact for each retailer or distributor to enlighten them on how to add wallet balance, our new services, and local business opportunities available for them. These services can be availed by our clients through chat, call, WhatsApp, email or even field visit as per their convenience. To ensure that their data is secure across every transaction, we garner KYC from each one of them at the time of onboarding and later provide them login OTP, IP Whitelisting and many other security features.

Innovation is the only constant. What is your take on innovations?
Having an adept, passionate and enthusiastic team that is geared-up to work in accordance with any imminent situation is our biggest strength. We encourage the team to come-up with new product ideas or at times derive the best ideas from the market and implement them at our company. By large, our minds are open to bring any potential idea into fruition, our shoulders are ready to take-up any load of work, and our presence will always be given to customers when needed.

Walk us through the plans on the cards for IMwalleT.
With current focus on API & white-label solutions, we envisage acquiring a big market share both from retail networks and distributors in the next two years. Moreover, the telecom industry in India, with currently 1,030 million subscribers is growing at a fast pace with an addition of almost four million subscribers every month. It is here payment processing platforms like us can create wonders by honing our services in tune with the emerging market requirements.

Rashmita Nayak, Director
With a common passion to unshackle the retailers from their B2B payment challenges, the duo laid the foundation for IMwalleT and is scaling it to incredible heights from the forefront.

Quick Facts: Inception
Year: 2017
Location: New Delhi

Offerings: Mobile Recharge, Bill Payments, Money Transfer, Travel Solutions, Developer API, White-label Services, and Value-added Services.