Pradeep Tyagi,Co-Founder, Amigobills

Adopting digital payment systems is undergoing enormous growth fuelled by technological innovations and continued government initiatives. Digital lending or the FinTech industry is also growing simultaneously and according to government data, the net lending amount in India will cross $1.3 trillion by 2025. We can see that businesses as well as customers are getting more aware of the digital payments landscape and are getting interested in creating their own QR codes for payments. India is one of the gradually emerging digital payments markets globally with the Unified Payments Interface (UPI). Currently, there is an enormous demand for these solutions with growing acceptance.

However, any business or customer is facing a challenge regarding the receipts of the payments made or received. There is a complete sector where small businesses are using UPI for payments or receiving payment for any product or service but there is no receipt for that transaction. There are so many similar transactions that are being done regularly where businesses and individuals are unable to track spending or income which is resulting in an unorganized approach towards payments. Here, Amigobills has emerged to provide a solution to consumers at large through which an invoice and receipt will be created for every transaction done which will make the expenditure easier to track.

The company is also providing businesses with access to credit lines which is also a fact that makes it stand apart in the market. Businesses that get their payments done through Amigobills get access to a credit line from its lending partners. If the credit score of the individual is good and eligible for a good credit line, then it is done through the platform as well. “Whether one will get the loan or not depends on their eligibility. But if it is good, then they can have access to the desired credit line for up to 45 days”, mentioned Pradeep Tyagi, Co-Founder, Amigobills.

Technology Excellence

To stay ahead in the digital payments landscape in India, technology excellence is a high priority and Amigobills understands that. It has created a user-friendly subscription-based platform for businesses and consumers alike to develop a sense of transparency and trust in the market. The platform provides digital invoicing for every transaction made. The collection is done on the platform through a payments integrator provider, which is directly transferred to the consumer account without delay. Within the same platforms, there are systems in place where businesses can keep track of their inventory in case they are in the product business. A user can have a complete accounting solution and inventory management system using a user-friendly and easy-to-use UI, which acts as an advantage for the company. This increases the amount of trust in a user and makes them more interested in organizing transactions to keep track of spending.

Transparency and Trust

In the highly emerging and competitive digital payments landscape, a solution provider needs to establish a deep sense of transparency and trust in the market so that consumers are interested in including their technologies in their financial plans. Getting into an agreement with such a platform means sharing private financial information that can be rechecked for use or never or ever be a subject of exploitation. Amigobills has aimed to follow strict business ethics and complete transparency since its inception. It is aware of the financial frauds that are happening in the market and makes all the points clear at the time of creating the contract. “We prepare every contract considering every single aspect in our mind and are committed to ensuring the fact that everything in the contract is lived up to. We have and always aim to follow this principle”, stated Pradeep.

Looking Ahead

Amigobills first started under a mother company in 2017 and was initially involved in providing fintech solutions to clients and gradually diverted to creating this unique platform. It has gained considerable trust and recognition in the market through advanced technology and unique digital payment solutions that are the need of the market. The company is in the process of separating itself from the mother company and creating a standing of its own in the market. Looking ahead, it wants to expand its customer care services and set up offices regarding the same. “We believe that the segment we are working on has immense potential in the Indian market and is most likely to undergo exponential growth. We want to set up a call center for customer service and serve our consumers better in the years to come”, concluded Pradeep.