Covid has accelerated innovations in payments and software development, say market disruptors

During a conversation at the Indian Global Forum 2022, Sachin Dev Duggal, Chief Assistant and Co-Founder, and Ravi Gupta, Founder, Safexpay spoke about the huge opportunities that have been uncovered as people move rapidly in online to carry out their work, businesses and purchases.

The Covid-19 pandemic forced tech companies to reflect and respond to the demand that had suddenly opened up around the world.
During a conversation at the Indian Global Forum 2022, Sachin Dev Duggal, Chief Assistant and Co-Founder, and Ravi Gupta, Founder, Safexpay talked about the huge opportunities that were uncovered as people moved quickly online to get their jobs, businesses, and purchases done.
Gupta runs Safexpay, a fintech company that has built several products – payment aggregation platforms, new banking platforms, and link-based payment solution platforms. It provides the technology to banks, NBFCs, merchants, governments and educational institutions around the world.

Duggal drives that meets the needs of businesses and individuals looking for ways to get their business online. They help people build software and run their businesses.

“When I talk to investors, I say one thing – it’s a bottomless pit of demand. We believe, together with our partners, that there will be 500 million demands in the next five years. Everyone is trying to unlock potential and software is the key ingredient that allows people to unlock that potential. In our small space we have some really weird conversations. We ask if we can cap demand, can’t we grow faster only this month so we can have a chance to breathe and build better,” Duggal admits.

However, demand is only accelerating. With global downturns – like Covid, or the war in Ukraine and recession and inflation –’s workload is on the rise “because people are building more software because it’s become the main way to do business is the way to cut costs.

Safexpay is also spreading its wings now “because there are a lot of emerging countries where they are looking for fintech platforms because they want to convert the customer experience from the offline world to the online world for which we need out-of-the-box platform like ours,” Gupta said.

Some exciting innovations are planned, Gupta said, referring to a recent investment in a company that will allow customers to pay with their face. “You don’t need a phone or a wallet, you can just walk into a store and make a payment with your face.” Safexpay is currently running a pilot project in India at one of the airports and in the UAE at stores like IKEA. This feature has already gone live in Europe, Romania, and will also launch in the UK and the US.

The Payments Facilitator is also venturing into the Metaverse to help customers immerse themselves in a virtual shopping experience, with an avatar, browse mall stores and make purchases and payments, the all digitally.’s Duggal said “our core mission is to bring the things that only early adopters could access before to the masses so they can build technology around it.”

“We see a huge gap between those who can and those who need it, so we have already started working with blockchain and NFTs. We haven’t seen demand for Metaverse yet but we have a lot of customers talking about it.

Gupta said that from 1% digital payments penetration at the start of his career in 2008, penetration has now risen to 40% and he expects digital payments to grow threefold over the next 4 to next 5 years.

Duggal put it succinctly – that there is no going back to the old ways of doing business. The question is, he said, to stay relevant or become irrelevant. “Nobody wants to be irrelevant. Only cost and fear of failure keep people from creating software. But now imagine your bank selling new software or your phone company selling you the client application you need to get your business online! This wouldn’t have happened 5 years ago.

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