PayQ becomes India’s first Neo Bank: Understanding Neo Bank

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PayQ, the Indian fintech giant has expanded its business operation straight by rebuilding the user interface into its all-new ‘PayQNeo.’ It is the next generation global banking system and is entering the market at the right time. PayQ’s growing “neo-bank” helps customers expand the range of digital-banking services and attract small businesses to global entrepreneurs.

‘Neo Banks’ are 100% digital banks that are considered to be the fastest version of old-fashioned banking. It attracts a large number of young and digitally savvy consumers. 

They work without branches, instead of being present at a specific geographical area. Neo banks are fintech firms offering various digital and mobile-first financial solutions payments, and money transfers. With various adverse impacts on the payment segment and lending platforms, money has shifted towards India’s first Neo Bank PayQ, with Shibabrata Bhaumik as the Chief Executive Officer. PayQ is a suite of payments API (Application Program Interface) that strengthen commerce for online businesses. Customers can use PayQ’s payment platforms for accepting and processing payments online for commerce solutions.

PayQ makes banking simple, convenient, and globally accessible without any cross-border interface. The new banking platform is available for customers across the globe. PayQ started its operations with online payments, then it moved to the online lending and asset management area, and now the company has set its foot into the next generation of banking systems called ‘Neo Banking’.

PayQ comes as an extremely handy and ingenious payments platform having its headquarters in the United Kingdom. Currently, the banking sector focuses more on customer experience and satisfaction this has created a gap between traditional banking services and customers. The recent financial scams with end users are shifting the bank’s full responsibility back to the customer in another big off-ramp for end users. For emerging as an alternative to the classic Forex card issued by most traditional banks PayQ offers zero mark-up fee for customers using their debit cards from foreign countries.

‘PayQNeo’ can be considered as a traditional bank which offers great features based on the needs of their customers with lower bank cost and better management of money

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