Exclusive: Pyng’s CEO aims to revolutionise payments across Australia

In a rapidly evolving digital landscape, Dipra Ray, CEO and co-founder of Pyng, is spearheading a bold mission: to eliminate surcharges on transactions across Australia.

Pyng, a payment platform launched just 12 weeks ago, aims to provide consumers and merchants with a surcharge-free method of payment, bypassing traditional fees imposed by credit and debit card transactions.

Speaking with passion about the platform's purpose, Ray explained, "In Australia, consumers face surcharges of up to 1.5%, whether they're using a credit or debit card. For debit card transactions, where the money leaves my account instantly, it seems ridiculous to pay such a fee."

His frustration with the current system led to the founding of Pyng, alongside a team equally committed to shaking up the way Australians pay.

Cutting Out the Middlemen

Ray's solution is simple: cut out the middlemen. "What we're trying to do is make payments more affordable for everyone by cutting out all the middlemen involved in transactions," he said. Pyng allows merchants and consumers to complete transactions directly, without the involvement of banks or third-party processors, making payments faster, cheaper, and, importantly, surcharge-free.

He added that a staggering $4 billion a year goes into the pockets of banks from surcharges in Australia alone.

"That's what drives me," he said. "It's a huge amount of money that could be saved by both consumers and merchants."

Ray believes his system is poised to deliver significant benefits, not only by eliminating fees but also by offering real-time transfers. "Normally, as a merchant, you might not see your money for a couple of days. With Pyng, you'll have it in seconds," Ray explained.

This immediacy, along with the simplicity of using a QR code, makes the platform an appealing alternative to the traditional payment methods used today.

Rapid Growth and Positive Reception

Despite its newness to the market, Pyng has already begun to make waves. In the short time since its launch, the platform has attracted a growing base of merchants, which Ray says is doubling every few weeks. The reception has been overwhelmingly positive from both consumers and business owners.

Ray explained how some merchants are feeling unfairly blamed for surcharges. He explained that customers often mistakenly think businesses profit from the fees.

"Merchants don't want to charge surcharges. They make no money from it. They're just passing on the cost," he said.

Pyng provides these business owners with a solution, and the feedback has been encouraging. "I've had merchants tell me they've been waiting for something like this for years. They're excited to have a surcharge-free option, and that excitement is driving our growth," Ray said.

He also noted a general sense of consumer frustration towards banks.

"There's a lot of resentment towards institutions that have profited from these fees for too long. People are tired of paying unnecessary charges," he added.

Ambitious Expansion Plans

Ray's goal for Pyng is ambitious: within the next three years, he aims to have every shop in Australia accept the platform. "You know how every shop has a Visa or Mastercard logo in the window? I want to see Pyng in every one of those windows," he said.

While it's a lofty ambition, Ray believes that the momentum and market demand will help them achieve it. "We're the underdog, taking on the big banks, but Australians love to back an underdog."

The CEO is particularly optimistic about Pyng's future due to the current economic climate. "We're in the middle of a cost of living crisis, and people are looking for ways to save."

"One and a half percent might not seem like a lot, but over the course of a year, it can add up to hundreds of dollars for the average consumer," he said. Ray sees this as a key driver behind Pyng's growth, as more people seek alternatives that allow them to keep more of their money.

A Fairer World of Payments

At the heart of Pyng's mission is a desire to make payments fairer. Ray emphasised this repeatedly throughout the interview, positioning his platform as a champion of the consumer and small business owner. "We're trying to make payments a more pleasant experience for everyone," he said. Pyng, which Ray described as easier to use than other payment systems like Afterpay, doesn't charge merchants any fees at the moment. However, in the future, the company plans to introduce a small monthly fee, likely between $20 and $30.

Ray's team remains small, with only seven employees and contractors, all based in Sydney.

Despite their size, the company is scaling quickly, driven by enthusiasm from both consumers and merchants. "Every day, we get more merchants signing up. Our base is growing 10 to 20% every week, and that's what's really important to us," Ray said. He expects the team will grow as the company continues to expand.

Building Trust and Security

A key component of Pyng's appeal is its security and transparency. Ray stressed that at no point does Pyng touch a user's money. Instead, the app sends instructions to the user's bank to transfer money directly to the merchant. "We're cutting out the middlemen who typically hold the money, reconcile it, and take their fee. With Pyng, the money goes straight from the customer's bank account to the merchant," he explained.

This directness also helps build trust with merchants, who are reassured that there is no risk of losing funds if Pyng were to encounter financial difficulties.

"The fact that we don't hold the money at all gives merchants confidence to sign up quickly. There's zero risk involved," Ray added.

Looking Ahead

As the platform continues to grow, Ray remains focused on his mission to create a more equitable payment system.

He described the positive momentum Pyng has experienced so far as "unreal" and looks forward to seeing its continued impact on the market. For consumers and merchants hesitant to adopt the new system, Ray had one simple message: "Give it a try."

With the backing of a motivated team and the enthusiastic support of early adopters, Pyng seems poised to take on Australia's payment landscape and make it fairer for everyone involved.

"We're just getting started," Ray expressed.