Vahak Payments is an in-app payment function offered by Vahak, India’s largest online load and lorry marketplace. It attempts to secure and simplify payments made by shippers to lorry drivers/owners through this method. Despite having one of the world’s largest transportation ecosystems and contributing to India’s economy, the Indian logistics sector has long been considered as an underdog. This industry has been hampered by issues such as a lack of standard and secure payment solutions. The flow of money is sometimes quite erratic in a sector dominated by SMEs, brokers, and single-person firms. This can result in fraud, payment denials, thefts, and other related issues.
The lack of safety in other payment means has made it tougher for shippers to confidently pay truck drivers for their services. This is why Vahak has introduced Vahak Payments, to ensure transactions are safe and seamless. Speaking about this, Karan Shaha, Co-Founder, and CEO, Vahak, said, “Vahak is constantly addressing the challenges faced by transporters caused due to the lack of standardization in the transport sector. The truckers and shippers operating on our platform have been wary of the risks associated with their day-to-day financial transactions.
With transparency and accuracy Vahak Payments aims to simplify the ecosystem.
Users can easily bid on loads and lorries of their choice and payment can be made right away on the app. This helps them to avoid the hassle and risk of making or requesting payments through cash or other means and ensures that the entire transaction is safe. By using Vahak Payments, shippers/load owners will be able to make payments to lorry drivers through a milestone-based escrow system. This system can ensure that payments are made safely and on time. It also helps truck drivers to request and obtain advance payments for their trips easily! Vahak Payments will plug the gap caused by the lack of a standardized, comfortable, and digital payment infrastructure. We envision helping millions of Indian truckers through this service in the times to come.”
