Sydney startup Pyng aims to eliminate surcharge fees

Australians could save billions in annual tap-and-go card surcharge fees with the help of Sydney-based tech startup Pyng. Australians currently pay more than AUD $4 billion in these surcharge fees each year, according to a recent announcement by the Reserve Bank of Australia (RBA). The RBA is planning a review of the practice and aims to release a consultation paper addressing the additional cost of living burden by the end of the year.

Pyng aims to tackle this financial challenge head-on with its innovative payment app. "Australians are paying billions in unnecessary surcharges each year. At Pyng, we've built a solution that eliminates these costs for both consumers and businesses, making payments faster, safer, and surcharge-free," said Dipra Ray, CEO and co-founder of Pyng.

The Pyng app, which already facilitates surcharge-free tap-and-go payments, is experiencing organic growth in both consumer and merchant adoption. The app can be downloaded from the AppStore or PlayStore and can be securely linked to a user's bank account via their banking app or platform. Consumers can make payments by scanning a QR code and entering the desired amount to transfer to the merchant. Additionally, they can set limits on how much the app can debit from their account at any given time.

Businesses benefit from receiving payments in seconds rather than waiting up to two days, as often happens with traditional methods. Ray remarked, "We're not just making payments easier; we're revolutionising the way Aussies think about everyday transactions. With Pyng, both merchants and consumers can benefit from instant, secure, and surcharge-free payments."

One notable advantage for businesses is the reduction in complaints from customers about surcharge fees, which many mistakenly believe go to the merchant but are actually paid to large financial corporations.

Pyng also emphasises high security standards. By creating an agreement to link a bank account with Pyng, consumers authorise the app to debit specific amounts for designated purposes, generally at a retail location through a Pyng terminal or via the app. The app cannot access any information from the consumer's bank account, nor does it capture any account details such as logins or passwords. Moreover, Pyng implements security systems that protect users' money and help minimise fraud. "Security and trust are at the heart of what we do. Pyng ensures that your money goes directly to the merchant, bypassing unnecessary intermediaries and significantly reducing the risk of fraud," Ray added.

Dipra Ray, a seasoned innovator in payment and app solutions, founded Pyng. Ray co-founded NexPay, which assists international students in saving money on education payments, and mPort, the creator of the Bodymapp app for tracking health and body metrics. Ray is also involved in SavY NZ, a not-for-profit organisation in New Zealand that promotes better financial habits among young people, supported by the Bank of New Zealand and other reputable institutions.

"At Pyng, we believe payments should be simple, transparent, and cost-effective. Our platform is designed to disrupt the traditional payments landscape, allowing businesses to receive funds instantly while eliminating the burden of surcharges on consumers," Ray stated.

Currently, the Pyng app is free for both merchants and consumers. In the future, Pyng plans to introduce a low flat rate for merchants, enabling them to receive instant, surcharge-free payments from customers without incurring additional transaction fees.

"Our vision is to make Pyng the go-to payment solution for Australians by creating a system that not only saves money but also builds trust. We're committed to empowering both consumers and merchants with an efficient and secure way to handle payments," Ray concluded.