A Report on

Understanding Market and launching

A new project “Timepay”

Prepared and Submitted by: Abbas Ali

ICFAI Business School (IBS), Mumbai I

 Study done in:

With the support and guidance of:

Faculty Guide- Prof. Punit Neb
Company Guide- Mr. Shubham
Gupta
A report submitted in partial fulfilment of the requirements of PGPM program
of IBS, Mumbai.

Date of Submission:
30th May,2022

ICFAI Business School (IBS), Mumbai II

 TABLE OF CONTENTS

Sr. No. Contents Pg. No.

01 Acknowledgement IV
02 Abstract V
03 About the Industry VI
04 About the Company&Product VII
05 Our Journey XV
06 Competitive Analysis XVIII
07 Challenges, Key Feature XXII
08 Key learnings XXIII
09 NPST IPO XXIV
10 Sales Closure XXV
11 Conclusion XXVI
12 Reference XXVII

ICFAI Business School (IBS), Mumbai III

 Acknowledgement

I have successfully completed my summer internship yet, Ican’t ignore the constant guidance
and support I have been received in the form of advice, constructive criticisms as well as
helpful projects. Hence, I would like to take this opportunity to thank my faculty guide, Prof.
Punit Neb and my company guide, Mr. Shubham Gupta , who have continued to help me and
encourage me throughout my journey.

I would like to thank Network People Services Technologies

Limited for giving me an opportunity and choosing me for this Operations internship. This
internship gave me a platform to
hone my skills as well as understand how the workings of the real corporate world. The entire
team has been helpful and supportive making my entire experience comfortable and valuable.

Last but not least, I would like to thank my family for helping me through the challenging bits
of the last few weeks.

ICFAI Business School (IBS), Mumbai IV

 Abstract
With regards to my S.I.P semester, I had worked as an intern at Network People Services
Technologies Limited since March, 2022. This report gives a detailed insight of my progress
in the internship and my understanding of the present role of Business Development in the
company.

This report gives a detailed understanding of the company, my roles and responsibilities as
well as the general challenges faced by Marketer and operations department in a fintech
industry. Additionally, it also explains the methods used by me to understand the clients
behaviour and focus on working on my professional growth.

The scope of my work comprises of the following tasks:

 Background knowledge of Fin-tech Industry.

 Study about the Stages of Development of a Fin-tech product.
 Cold Calling.
 Lead Generation.
 Identifying and Potential Clients.
 Spreading Awareness in the Market.
 Pitching the Clients
 Maintain Client relationship.
 Closures and Conversion.
 Competitive Analysis.
 On boarding Procedure

About Industry

ICFAI Business School (IBS), Mumbai V

 Fintech is a new financial service that applies technology to improve financial activities.
Fintech is the most funded sector of 2021 in India. It Aims to compete with traditional
financial methods in the delivery of financial services. These companies operate in insurance,
asset
management and Payment, and numerous other industries.

It provides services in many sector-like mobile payments, Cryptocurrency, Stock trading

apps, Budgeting apps, Crowd funding platforms and Insurtech. It (is a catch-all term referring
to software, mobile applications, and other technologies created to improve and automate
traditional forms of finance for businesses and consumers alike. It can include everything
from straightforward mobile payment apps to complex blockchain networks housing
encrypted transactions.

About the Company

ICFAI Business School (IBS), Mumbai VI

 Network People Services Technologies Limited (NPST) was incorporated in 2013, with a
wallet based aggregated service
delivery platform. NPST is NPCI approved Third Party UPI solution provider, acquiring
merchants, and providing
payment application to users across various segment. It also acts as a Fintech partner to banks
operating as Technology
Service Provider (TSP), providing certified solution for digital payments which includes
Mobile Banking, IMPS, Bhim UPI and Wallet platform.

NPST is an authorized Merchant Payment Service Provider, approved by NPCI, acquiring

merchants, and providing
payment application to users across various segment.

In 2019, they launched a digital payment platform TimePay that provides digital platform
to large, medium, and micro setups to transact and operate seamlessly in digital ecosystem.
Their solution provides, merchants complete Digital ERP over cloud to manage and
operate financial value chain of a business.

In 2021, NPST issued their IPO, elevating their status to Public limited company.

Their Mission:

• Strategically partner with financial institutions, banks, manufacturers, service

providers, government agencies and suppliers.
• Create largest network of technology-enabled merchants and users
• Achieve Top 5 position in digital transaction volumes in country.

ICFAI Business School (IBS), Mumbai VII

 Their Vision:
Provide digital technology to large, medium and micro setups to transact and operate
seamlessly in the financial value chain

SSK

Aggregated Service Delivery refers to providing multiple services through a single platform such as
Serve Seva Kendra (SSK). SSK provides the best range services to citizens such as PVC Aadhaar Card,
Ticket bookings –Airline, Railway and Bus booking & many more with effective & timely delivery.
SSK is a project initiative under Project Seva Bharti by Network People Services Technologies Ltd
(NPST). SSK has been developed as a unique model of transforming simple consumer touch points into
‘A Consumer Services Mall’ where citizens could walk-in and access every useful service under a single
roof.
Through SSK we believe in creating an opportunity for citizens to become an entrepreneur with low
investment and high returns. SSK centres are operated and managed by Business Associates delivering

ICFAI Business School (IBS), Mumbai VIII

 services to common man in his territory and work closely with government bodies to facilitate public
utilities through Information Technology and build a modern framework of governance in India.

Servesevakendra.com has been a Flagship versatile website in serving the customers and meeting each
and every need of a Consumer.

SSK provides aggregated services as per the citizens needs and delivers at their doorstep through
appropriate service delivery channels. NPST has created multiple models of Services Delivery. NPST
today has a network of 3000 IT enabled centers, two secured IT service delivery gateway (portal) and
two Mobile Service delivery platforms that reaches out to 80 million population.

We provide the following services: 

 Aadhaar Services
 PAN Services
 Door step service Delivery 
 Utility Bill Payment
 Income Tax Return Filing
 Security Guard Jobs
 Banking Services
 Insurance Services
 Money Transfer
 Recharge Service(Mobile, DTH)
 Tours and Travel Services

ICFAI Business School (IBS), Mumbai IX

 Our Product:

TimePay is a UPI Third-Party Merchant Application, specially developed, by Network

People Services Technologies Limited. TimePay is a solution which synthesizes digital
payments with consumer services and merchant solutions. It is most simplified and efficient
application to manage your Accounts and Merchant Payments with Security. TimePay
empowers society with an automated process, integrated payment, data intelligence, and
doorstep services. It is the ‘one-stop solution for all your multiple needs with quick and easy
procedures.

TimePay for Societies: It is one of the most simplified and efficient applications to manage
Society Operations, Local Merchants, Accounts, and Security. It empowers society with an
automated process, integrated payment, data intelligence, and doorstep services. It is a ‘one-
stop solution for multiple needs with a quick and easy process.
TimePay for Merchants: TimePay is focused on a micro and small ecosystem providing
digital solutions in a complete financial value chain for a merchant. It facilitates merchants
in:

Scheduled and Auto invoicing

ICFAI Business School (IBS), Mumbai X

 Automated solution for Reminders, interest, penalty, and other calculations, Payment
collections, Payments options to customer i.e. UPI/ NEFT/Cash/Cheque.
Real-time reconciliation
Receipts and payment records
Auto entry in books of accounts

TimePay for End Users: TimePay is a digital ecosystem that offers a complete solution for
the homeowner on a mobile app by integrating Banking services, society services, doorstep
merchants, hyper-local services, and digital payments in a single platform.

The solution has several use cases, but it is most effective in the following segments:

Society / Community: Merchants that require collection service. These Merchants include

housing complexes, Hostels, commercial complexes, Credit co-op societies, School, Gym,
Jeweller, Collection agencies, etc.

Offline Merchants: Merchants who require QR-based POS solutions to accept payment and
application support to manage transactions.

Micro Merchants: Those entities which deliver doorstep service or do not have the
establishment are digitized, by TimePay. These merchants include laundry, milkman,
newspaper, car wash, and other doorstep, vendors.
Transit: Transit merchants require a QR-based POS solution to accept payment from
commuters. They will also need a transaction management application.

TimePay users 
TimePay® for Societies

ICFAI Business School (IBS), Mumbai XI

  
TimePay® is a Smart Society application for managing various requirements of Societies, and
communities transacting in a single ecosystem. TimePay empowers societies and members with
apartment management, merchant integration, payment gateway and property management solution in a
single platform. 

The solution provides below modules to the end users

·        Society Administration

·        Maintenance Management

·        Vendors relations

·        Tenant management

·        Security solution

·        Accounting and reporting

The application has been built with highly secured banking platform and delivers comprehensive solution
to,

·  Society Operators: Chairman, Treasurer, Secretary, Facility Management company, Managing

committee

·  Merchant Service Providers: Doorstep vendors, Local merchants, Property agents

Society Members: Owners, tenants, families and other member

TimePay EVOK – for merchants

ICFAI Business School (IBS), Mumbai XII

 About Evok
TimePay Evok is an API based Payment platform empowering business with flexibility of real-
time transactions and innovative payment channel integrated with real time reconciliation.

Benefits
Real-time reporting and payment status
Low operating cost
Easy integration
Real-time reconciliation
Reduced risk of fraud and improved security with robust payment authentication features.
Enables instant settlement
Provides friction-less payment checkout experience
Prevents data entry errors
About Evok
Why Evok?

Safe & Secure Payment

Security with complete encryption as per NPCI standards

Easy Integration
Easy to integrate and supports payment via other UPI apps

User-friendly Interface
Intelligence driven user interface with latest technology

Our Journey

ICFAI Business School (IBS), Mumbai XIII

 • Induction - Our internship started with an orientation session with our guides explaining the
Overall Functioning of the Fintech industry, the Background, and the Journey of NPST

• Product Training – From Next Day, we learned about TimePay, the product we were to work
with. We were taken through everything by our Sales Head, Marketing Head & Operations
Head, and Business Strategy Head.

• Cold Calling - Once we had a concrete foundation about the product, we started working
with the dead/old leads. We utilised the existing data for the same.

• Lead Generation – After almost a week, we started working on-field in two teams. My team
and I were working with the Central Line. We visited societies to collect data of the
authorized person and maintained a list of potential clients to approach.

• Data Segregation – We entered the data collected and maintained a proper record in Excel
and Tracker (Company’s Portal) for our understanding.

• Take Follow-ups – Once the data is collected, we call and convince the same to fix the
meeting with the authorized person.

• Presentations and Demo Delivery – In the Meeting, We deliver the information and workings
about the service. This process was followed by a presentation and Query addressing.

• Closure. - If the society is convinced and want to get on-board with us, we take them through
the further required procedure and formality and finally close the deal.

• After Sales - Our duty doesnt end in the previous step, after sales, we stay in touch with our
clients, and take regular updates regarding the deliverables and services.

ICFAI Business School (IBS), Mumbai XIV

 • On Boarding – After the sale of the product i personally have to train the society authorities
and maintain a seamless delivery and working of the service.

Subsequently, we were focussing on Law Of Average which helped me to reach out to more
clients and make more and more callings and setting up meetings with them and bringing
more and more closures and clients for the company.

ICFAI Business School (IBS), Mumbai XV

 SWOT Analysis
Strength

• One stop solution to all Digital Payments

• Individual Dynamic QR codes
• Eases Reconciliation Process
• Accountant Friendly

Weakness
• Application not working on IOS devices
• Not well established in the market.
• Late Delivery.
• Complex in terms of understandability.

Opportunity
• Target merchant and societies in the market to expand .
• As online payments is increasing, huge market share

Threat
• Market is well captured by competitors.
• Product is still at developing stage.

ICFAI Business School (IBS), Mumbai XVI

 Competitive Analysis

Competitors providing Society Management

Featurs of product Offered by Competitors

Adda ApnaComplex MyGate
Visitor Society Billing & Visitor Management
Management Accounting
Vehicle Collection Gateway Delivery Management
Management
Association Staff Intelligent Gate Daily Help
Attendance Management Management
Manage Domestic Helpdesk Accounting Toolkit
Help, Tutors
Emergency Communication Daily Staff Attendance
Management
Parcel Vehicle Sentry Complaint
Management Management
Incident Reporting Facility Management Communication
Queue Tanker Monitor
Management
Automatic &
Manual Billing
Defaulter
Management
Expense
Management
Bank & Cash
Management
Financial
Statements
Helpdesk
Broadcast on App

ICFAI Business School (IBS), Mumbai XVII

 Services Offered by TimePay
Timepay offers three plans with three different subscription amount, each providing additional
features and services based on their prices.

Services offered in these plans -

Standard Standard Plus Premium
Announcements Announcements Announcements

Documentation Documentation Documentation

Online/Offline Online/Offline Online/Offline

Payments Payments Payments

Payment History Payment History Payment History

Helpdesk/Complaint Helpdesk/Complaint Helpdesk/Complaint

Management Management Management

Facility Booking Facility Booking Facility Booking

Accounting Accounting Accounting

Maintenance & Book Maintenance & Book Maintenance & Book

Keeping Keeping Keeping

Visitor Management Visitor Management Visitor Management

Mobile Device Tablet Device Tablet Device

Voice & Data(4G) Voice & Data(4G) Voice & Data(4G)

Connectivity Connectivity Connectivity

Onsite Manager

Real Time Status

Supports
Customization

ICFAI Business School (IBS), Mumbai XVIII

 Operation
Management

Free Audit

Competitive Advantage in the market

 CMMi Level 3 Certification

 ISO 9001:2005 Certification
 ISO 27001 Certification-Information Security Management
 Payment through QR code
 NPCI approved 3rd Party App

TimePay recognizes society management as a much wider opportunity right now Make it it’s
niche. Being NPCI approved and using our own payment gateway rewards us a competitive
advantage over the existing competition in the market. On the other hand, when it comes to UPI
payment solution a lot of major brands (as given above) have already acquired big chunks of the
market. Hence TimePay want to focus on creating a stable and concrete market position in society
management before competing with the bugger names.

ICFAI Business School (IBS), Mumbai XIX

 Top Features of Timepay

QR SOLUTIONS
A dynamic QR code is a QR code with a short redirection URL encoded in it. It helps Societies
and merchants accept contactless and error-free payments from customers using any UPI app.
 A society can collect their maintenance amount easily by generating separate Qr code for each
and every flat in the society based on their flat number; this will auto reconcile their statement
and report. And eventually it will save their time.
A merchant can generate the dynamic QR code from their Billing POS/System for a specific
order and must pass the order-specific information such as Order ID, Order Amount, etc. while
generating the code. User payment received for every QR will automatically reconcile the
payment.
BENEFITS
·        Quick, Easy Integration
·        Real-time payment settlement
·        Best Success rates
·        Developer Friendly API
·        Supported by all UPI Apps
·        Real-time reconciliation
·        Secure Transactions.
 
 
 
 
Visitor Management
Transform your Society Gate to a DIGITAL GATE
·        Now secure your society gate with passcode entries for Guests
·        Secured device for gatekeeper
·        Onboard gatekeeper and Staff with KYC details
·        Record and maintain visitor details on mobile to access    anytime.
·        Instant Call / Notifications to members for approving visitors
·        SOS tab for Panic alerts
·        Biometric as well as QR based seamless entry & exit

ICFAI Business School (IBS), Mumbai XX

 Challenges

Trust Factor - At the start of our SIP, we didn't have any Id cards to demonstrate that we were
corporate employees.

Data Sharing - Society guards frequently do not share the authorised person's information. Instead,
they tell us to leave our contact information and an authorised person will contact us if there is a
need, or they tell us to come back another day or time.

The authorised person's availability - The authorised person is only available for meetings on
weekends. As a result, the closing procedure slows down.

Banks' awareness –
The COSMOS Bank's employees were ignorant of the product (product being powered by the
Bank). As a result, whenever a consumer came into the store, they would have questions regarding
the goods.

ICFAI Business School (IBS), Mumbai XXI

 Key Learnings

1. Understanding the on boarding process of new project or product deployment in an

society organisation.

2. Conducting meetings with different background peoples i.e. Society committee

members belonging from different backgrounds

3. How to answer highly technical queries of societies.

4. Generating closures on the same day of meetings with negotiation skills.

5. . How to generate Leads and face rejections.

6. How does the banking sector works as i was the in charge of 4 cosmos bank branch
and how to maintain a good relationship with the branch manager to acquire new
leads.

7. Making quotations of the final price agreed with the committee members and passing
on giving business value to the company.

8. Maintaining smooth flow of communication from date of meeting upto the system is
in use with society. I.e. helping them and coordinate to setup training meetings for
the clients.

ICFAI Business School (IBS), Mumbai XXII

 NPST IPO

About Industry - NPST competitors

In a nutshell, fintech companies make financial services more accessible to the greater public. These
services include traditional financial transactions like saving, investing, and loan processing. But it also
encompasses revolutionary financial technologies like blockchain and cryptocurrency.

ICFAI Business School (IBS), Mumbai XXIII

 SALES CLOSURE.
I am very much satisfied with my work with the company as i had done 9 closures and given
12 new clients to the company. In just a span of 3 months. My 1st closure was of Sai Akansha
Society.

Sai Akansha  Closure.

- Lead Generated Date – 23rd March

- First Followup Date – 1st April

- Closure Date – 10th April

In the second month of my internship, we were given the list of corporate leads, these leads were the
existing clients of the Cosmos Bank, and this list was circulated from the head office of The Cosmos
Bank, and we were asked to take follow-up with the client and generate closing.

All the interns were divided area wise, and Gandhi Bhavan Branch, Ganesh nagar branch, Kothrud
branch, Gokhale nagar branch was under me. So I started calling and pitching on the leads, and There
was a Society named Sai Akansha  near the branch. I contacted the secretary of the society and pitched
the features of our product. He was quite interested and I convinced them for a meeting.

In the meeting all the committee members were present and  I demonstrated the Product. They liked the
services we were providing and asked to visit the society on the next day for collection of the documents
required to enroll for the services, they also wanted to verify with the bank.

I visited the Society Office and verified the documents, uploaded the Documents on TimePay Tracker
(Application for Sales and operations team to update lead and its status.) and Later explained everything
to the ops department.

Once the Operations team made all the QR codes for the society. I took them and delivered and catered
the service and called on their maintenance due date in order to ask if the QR codes functioned smoothly
without any challenges.

ICFAI Business School (IBS), Mumbai XXIV

 Conclusion

The Fin-tech industry is seeing one of the most fast paced growth ever. The sheer increase in
number makes it hard to ignore as well as pay complete attention to the most important element of
the industry; it's Customers. Ambitious scale-ups demand a lot of employees, requiring them to be
agile, quick-thinking, highly skilled and focused. Now when we talk about Sales executive in
FinTech, it's quite obvious that sales executive has to keep up with this fast paced growth while also
accommodating the changing trends in market and product. This hasn't been the most smooth
sailing ship, starting from generating lead to actually converting into closer, every aspect stands
with a new challenge. Not only selling the product is important but also having the full knowledge
about the company and in- depth knowledge of the product is very important for the Business
development executive. I would like to end this partial research on this note with the importance of
Business development executive. This corporate experience provided me with valuable exposure to
what real corporate life entails. How you can grow your company's presence ,things we should keep
in mind while delivering Product. How to deal with different kinds of customers. I personally think
that selling is not everyone's cup of tea, but if one sets his / her target high and continuously strives
towards that, nothing is impossible. The only thing required in our field is the right attitude or a
right way to understand the customer problem and requirement, delivering accordingly.

ICFAI Business School (IBS), Mumbai XXV

 References.

 https://www.npstx.com/
 https://www.timepay.co.in/
 https://adda.io/
 https://mygate.com/
 https://www.apnacomplex.com/
 https://www.npci.org.in/what-we-do/upi/3rd-party-apps
 https://www.timepayonline.com
 https://www.cosmosbank.com/product-services-details

ICFAI Business School (IBS), Mumbai XXVI