Parveen Wadhwa - I Have Started My Career as Newspaper Hawker at the Age of 14 and Followed by Pco Operator and Mobile Shop Owner (Co-Founder at Gracewell Creations)

Mark my words, one day Mutual funds will be seen selling on BC Agents Outlets with minimum a small investment of even ₹100/-

Tell us about your life’s story, background & journey.


I have started my career as Newspaper hawker at the age of 14 and followed by PCO operator and mobile shop owner. Post that an Idea of doing recharges from a single platform has brought interest in my journey. Started from SMS mobile vending to reaching in era of Internet, things changed and I have opted to work in an organization which deals in such kind of technology for providing Mobile Charges and Utility Services from a single platform. Learning attitude and to do better for trade partners, I have started my journey as an Entrepreneur in 2015, when I and my Partner, Naveen Doda step into forming a company, ”PayBingo”. when we started together, never seen back.

How did you start your career & what led you to reach the highest echelons?


As an Entrepreneur, I came to understand that there are so many loopholes in entire system, It was very difficult to win trust in market as there were lot of companies who have cheated the innocent people. The main task was to win the trust of people before moving our operations to Pan India level. 

We have started from Delhi-NCR where I have worked 7 years in this trade We gain trust of the retailers by providing them the updated technology and serving them for three months as Mobile Recharge Provider. Thereafter we step into Financial Technology and started serving the channel partners. By utilizing the latest technology and adopting the changes as per market demand, the company got wings.


What are some of the challenges that you face in your job & how can tech solve these problems?

Since being from technological background, challenges are kind of meal for people like us. India is growing fast in Digital payments and the credit goes to NPCI for the same. Since technology is backbone is of this entire industry, updates keep on coming at regular intervals and we need to modify our systems according to that. One major problem is when you are into “Domestic Money Remittance” business, everyone wants to bring big numbers on board. 

In terms of number of transactions or volume, but cash from the market which needs to be deposited in bank is a big challenge specifically after business hours. Everyone wants to Go Digital but No One cares about the cash collected from BC Agents. Banks used to impose heavy charges in depositing cash and GST is also payable over this. Rest everything is moving on its own speed.


What does your typical day look like & how do you define success?

I am just a common man who believe in Karma. I see my day like a challenge because I love challenges. Everyday I try to find what new & latest I can give to my company, clients, Country. In my opinion success is when you are being able to serve your humanity & country. Your happy employees & clients are the signs of success.


What do you think is the future of banking in the era of API's?

Banking at doorstep is next vision for India. As of now most of the banking services such as Cash Deposit, Cash Withdrawal, Micro ATM and Balance enquiry is already happening at nearest Grocery/Pan/Vegetable/Pharma Store in every corner of Country through some of Corporate BC. Extended API of Banking will lead to provide additional services such as Account Opening/Regular Deposit/Fixed Deposit/Mutual funds in coming up days.

How do you think API banking & fintech infrastructure can enable scale?


Scalability of API Banking can be enhanced by adding additional products into bucket which are already occurring on regular basis. Let’s understand how far API Banking has already been reached. I was visiting Mountains in Uttrakhand, where the population of a village was around 500 and there was not even a single Banking Point in that village. 

Villagers have to move around 20 Kms for basic banking services. We have converted the “Kirana Store” into Banking Store and now the villagers are enjoying the banking services at their doorstep. This revolution is happening and daily creating milestones. In COVID 19 times, Business Correspondents / Agents were entitled as Frontline Banking Service Providers.

Mark my words, one day Mutual funds will be seen selling on BC Agents Outlets with minimum a small investment of even ₹100/-.


Which is your favourite book & why?


I am fond of reading, my favorite book is 7 Habits of Highly Effective People by Stephen Covey. Although the whole book teaches a big lesson but the main teaching point of the book is that success comes from building internal character based on values and principles, rather than just trying to change behaviour.