In Conversation with Rahul Tandon from Safexpay: Empowering businesses with cutting edge solutions
CXOToday has engaged in an exclusive interview with Rahul Tandon, Chief Product Officer, Safexpay
1) Could you please provide an overview of Safexpay’s journey, from its inception to becoming a prominent payment solution company catering to the unique needs of businesses in the digital payments landscape? What were the driving factors behind its establishment in this industry?
Safexpay was founded in 2016 with a primary focus on offering tailored digital payment solutions, including payment gateways, to businesses of all sizes. The company quickly gained significant interest in its white-label services, where it customises the payment gateway according to each business’s specific requirements. This customization encompasses everything from the gateway’s visual appearance to the preferred payment methods, ensuring a seamless experience for businesses and their customers.
As Safexpay continued to grow, it expanded its portfolio to include other solutions such as group payouts, neobanking, and e-commerce integration services. Additionally, the company identified a core strength in the utility sector, which presented numerous opportunities due to existing gaps in the Indian utility payments landscape. Safexpay capitalised on these opportunities by providing exceptional services to end users, leading to positive outcomes. As a result of their success, many utility merchants sought out Safexpay to collaborate on business ventures.
The motivation behind establishing Safexpay stemmed from the prevalent issues with unstructured and unreliable payment gateways in the market. These outdated gateways were not only slow but also complicated for end users, hindering their ability to use the services effectively. Safexpay sought to address these shortcomings by offering efficient, user-friendly, and reliable payment solutions to enhance the overall digital payment experience.
2) Considering the widespread adoption of cloud-based financial solutions and the ongoing threat they pose to B2B operations, how has Safexpay implemented security measures to safeguard its platform from cybercrimes?
Safexpay is committed to upholding the highest data security standards in the industry, going above and beyond the requirements set by regulators to ensure robust security and fraud prevention in response to ever-evolving cyber threats. We have obtained various certifications, such as the Payment Card Industry Data Security Standard (PCI DSS) 3.2.1, AES, TLS encryption, and ISO 27001-2013, demonstrating our dedication to data protection.
To establish a secure online payment ecosystem for our clients, we have implemented a range of stringent fraud detection processes. These processes involve vigilant monitoring of payment patterns and behaviours, swift identification of fraudulent chargebacks, and the use of advanced techniques like geographical and pattern-based transaction monitoring.
By combining leading certifications, strict security practices, advanced fraud detection mechanisms, and innovative technologies like card tokenization, Safexpay creates a highly secure environment for online payments. Our proactive approach and ability to adapt to emerging cyber threats ensure that we remain at the forefront of security and fraud prevention in the online payment industry.
3) How does Safexpay personalise its services and offerings to cater to the individual requirements of customers? Additionally, how does Safexpay prioritise customer needs and feedback when developing new features or improving existing services?
Safexpay is dedicated to revolutionising the online payment landscape by introducing innovative features and technologies that significantly improve the overall user experience for both businesses and customers. Our comprehensive range of offerings includes futuristic and easily integratable payment gateways, payout solutions, and neo-banking services. With a strong emphasis on user-friendliness, our payment gateways seamlessly integrate into various business platforms, ensuring a smooth and hassle-free payment experience for customers. By streamlining the payment process, Safexpay empowers businesses to enhance customer satisfaction and increase conversion rates.
Moreover, Safepay’s flagship white-label solution empowers business owners to accept and disburse payments under their own logo and brand. This personalized approach enables businesses to maintain a consistent brand image throughout the payment process, further enhancing the overall user experience. Demonstrating our commitment to innovation, Safexpay is preparing to launch exciting new products, including a neo-banking platform and a facial recognition payment mode, which will soon be available in the UAE market. These advancements showcase our dedication to staying at the forefront of the industry and providing cutting-edge solutions that cater to the evolving needs of businesses and customers, ultimately ensuring a seamless and convenient payment experience.
4) What are the primary factors driving customers to opt for neobanking solutions over traditional banking services? Furthermore, how do Safexpay’s neobanking solutions cater to the specific needs and preferences of customers in the current financial landscape?
Neobanks have become increasingly popular among businesses and merchants, surpassing traditional banking solutions. This shift can be attributed to several factors that drive the appeal of neobanks. One key aspect is the digital convenience they offer, providing customers with a fully digital and mobile-centric banking experience. Safexpay’s white-label interfaces are user-friendly, making financial management effortless, and the streamlined account opening processes save time and reduce paperwork.
In addition to their convenience, neobanks often feature lower service fees and charges compared to traditional banks, making them an attractive and cost-effective banking option. Safexpay has taken its neobanking offerings to the next level by integrating them with value-added services. For instance, it provides tailored financial insights and product recommendations based on merchants’ usage patterns. This integration allows neobanks to offer additional features such as budgeting tools, investment options, and payment solutions, all accessible from a single platform.
While Safexpay initially gained recognition for its payment gateway services, its neobanking solutions have garnered significant interest from MSMEs (Micro, Small, and Medium-sized Enterprises). The combination of digital convenience, cost-effectiveness, and integrated value-added services has made Safexpay’s neobanking solutions a preferred choice among businesses and merchants.
5) In light of the increasing demand for omnichannel payment solutions, how is Safexpay adapting to meet the unique requirements of modern businesses in today’s dynamic landscape?
In the digital business landscape, customer onboarding and retention are of paramount importance. Whether it’s a physical store, an online platform, or a combination of both (phygital), providing customers with flexible payment options is crucial. This includes offering various methods such as credit cards, net banking, UPI, and Buy Now Pay Later (BNPL) choices.
Omnichannel payments play a vital role in bridging the gap between in-store experiences, online channels, and other social and digital platforms. Safexpay understands the significance of catering to user preferences and advises its merchants accordingly. As a result, nearly all Safexpay merchants now offer three or more payment channels, with UPI and QR-based payments being the preferred choices.
Merchants have come to realise that in today’s competitive ecosystem, any obstacle during the final stage of the purchase cycle, especially payment-related issues, can lead to customers abandoning the transaction altogether. Therefore, customization options for payment gateways have become incredibly important to meet customers’ specific needs and ensure a smooth and satisfactory payment experience. Safexpay emphasises the need to offer diverse payment options to break down barriers and enhance customer satisfaction in the rapidly evolving digital business landscape.
6) How do businesses benefit from using Safexpay’s checkout customization in terms of increased customer satisfaction and improved conversion rates?
The checkout phase is a critical part of any purchase cycle, but it is also where the maximum volume of abandonment occurs. Many digital businesses have faced challenges as they lost customers without understanding the exact problem. However, upon analysing their checkout page and experience, they identified the issues that caused customers to abandon their purchases.
To address the problem of cart abandonment and boost conversion rates for digitally enabled businesses, Safexpay introduced Aasaan Checkout, a one-click checkout platform. It has been designed with scalability in mind, efficiently handling high transaction volumes and ensuring smooth operations even during peak periods. The platform offers flexibility, allowing users to onboard and utilise it without any minimum threshold limits concerning order volume or other parameters.
In India, the average cart abandonment rate is approximately 51%, which surges to 70–75% during festive seasons, resulting in significant revenue losses for e-commerce companies. The primary reason for these high abandonment rates is the inconvenience and time-consuming nature of checkout experiences that require manual input of personal details. Small and medium-sized e-commerce players and direct-to-consumer (D2C) brands relying solely on web browsers without their own mobile apps are particularly affected by these issues. Implementing Aasaan Checkout not only enhances conversion rates but also encourages repeat sales and increases order value for merchants.
Safexpay’s objective is to empower businesses in the digital domain by offering a seamless and user-friendly checkout platform that drives higher conversion rates of up to 30%. The platform’s focus on accessibility, scalability, and integration partnerships exemplifies Safexpay’s commitment to assisting businesses in succeeding in today’s competitive e-commerce landscape.
