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Banking digital payments fintech Hybrid payment gateway payment gateway

Security feature: UPI vs Wallets vs Digital Cards

How secure is your payment ecosystem?

The other day I was chatting with a villager on my trip to Rajasthan. He was the owner of a large oilseeds field. Unfortunately, he faced a crop failure due to a delay in rains. Luckily, the crop insurance scheme was his savior.

“What mode do you use for insurance payment?” I asked inquisitively.

“I prefer the UPI Madam. It is so convenient. Direct bank to bank transfer. It has made our lives easier. Previously, I made use of wallets. But, loading money gets hectic sometimes. Also, the security is minimal. How can we be assured that our money is in safe hands?” he replied.

It was amazing to see the outreach of the UPI payment system to the deep pockets of the rural regions of India. Interestingly, the security features of the UPI payment mode left me in awe.

Security Feature of UPI vs Cards vs Wallets
Security features of UPI vs Cards vs Wallets

UPI boasts of a superior payment mode as compared to wallets and digital cards. With UPI 2.0, the signed intent & QR and Invoice in the inbox security features are added.

In the course of this blog, let us compare the security features of UPI vis a vis Digital Cards and Wallets.

Security Features of UPI

UPI Security feature 1: Binding with mobile number

This is a significant feature of UPI that brings in the first layer of security. UPI verification of the user happens during the initial login and registration. The UPI app binds with your mobile number to verify your identity. In case, you change the phone or the number, you need to verify your identity again. This option ensures that your credentials stay safe in case of a mobile threat or identity threat.

UPI Security feature 2: Two-factor authentication

The second security feature comes into effect during the transaction process. While registering on UPI, users are given an option to set an MPIN (Mobile PIN). It is a 4 or 6 digit number set up while registering on the UPI app. You can generate it by clicking on create/generate MPIN tab and entering the debit card details (last six digits and card expiry details). In the course of transactions, this MPIN is used to authenticate a transaction. You can also change the MPIN if you forget it, using the same create/generate MPIN tab.  

UPI Security feature 3: Signed intent and QR

With a quick response code (QR) and signed intent option, users can check the authenticity of the merchants. Users have the option to check if the merchants are UPI verified or not. In case the merchant is not UPI verified, users get information via notifications. This security feature ensures that QR code tampering frauds remain low. Hence, signed intent and QR features bring in secure and tamper-proof transactions.

UPI Security feature 4: Invoice in the inbox

This is a noteworthy and secure feature addition to the UPI. Before initiating your payment to the merchant, it is possible to view the generated invoice. This brings in security by verifying the credentials of the transacting merchant. In other words, this feature safeguards you from fraudulent transactions.

 

Security Feature of Digital Card

Comparatively, Digital card offers different security features. Nevertheless, it is unique and robust in itself.

For example, Digital cards have an option of confirming the transaction either using password or an OTP (one time password). Also, some banks require you to not repeat the previous three used passwords. Further, SMS cum Email alert is sent for each transaction.

 

Security Feature of Wallet

As compared to UPI, wallets offer a lesser level of security. For example, many wallets do not offer two-factor authentication. But on the other hand, the QR code feature of wallets minimizes the payment data.

Nevertheless, there is a chance of security compromise in the case of wallets due to the indirect involvement of the bank. It is basically a wallet to wallet money transfer.

Summary

  • UPI offers security via 2 factor authentication, QR & Signed Intent and Invoice in Inbox
  • Digital Card security is via password or OTP
  • Wallet security follows a 1 factor authentication

References:

Categories
artificial intelligence Banking digital payments fintech Hybrid payment gateway

Can Artificial Intelligence Bring Magic for UPI Payments in 2020?

AI is here to simplify your business’s payments

When was the last time you logged into a payment gateway website and was greeted by a chatbot? What was your feeling when all your queries were addressed in a seamless and systematic manner? Did you ever wonder what drives the chatbots? The answer lies in the magic of artificial intelligence.

Artificial intelligence is making great strides in the payments domain while bringing in automation and added security features. For example, ILA is SBI Card’s live assistant providing you with the information on the latest products. Similarly, Mansha AI is SabPaisa’s AI assistant that makes use of artificial intelligence to answer all the payment related queries.

In the course of this blog, let us delve deep into the prospects of artificial intelligence in the payments domain.

1. Artificial Intelligence and Automation

The crux of artificial intelligence lies in automating your payment process coupled with automated queries. Imagine you face a payment issue while transacting on a payment gateway or a bank page, how would you feel if there is no customer support available? You feel stranded and left out. But, imagine a chatbot offering you help without any prior notice. Your payment issue is clarified instantly and money remains in safe hands.

Take another case, imagine you want to apply for a credit card. There are a lot of options that are confusing. You keep searching day and night, staring at a dead end. But, imagine if AI can help you assist with the ideal card based on your credit history, how would it feel? One can benefit from the right guidance of AI technology.

2. Artificial Intelligence and Database Management

Payments domain comes with a huge database of banks, customers, merchants, clients, etc. Isn’t it time-consuming to manually sort the database to get the desired information? But, don’t worry, database management is just a click away with the coming of AI. For example, artificial intelligence can give a personalized user experience. By analyzing your data and personal transaction history, a value add suggestion is put forth for future transactions.

Further, by going through your spending history, AI would suggest you the best savings and expenditure plan. In this way, Artificial intelligence inculcates prudent money management.

3. Artificial Intelligence and Fraud Handling

Payments domain faces many frauds like phishing, data theft, merchant fraud, friendly fraud, etc. This results in numerous security risks resulting in a massive loss of revenues. AI can pitch in at this juncture to bring in a fraud-free atmosphere.

Organizations are making use of predictive cum prescriptive analysis to detect fraud in payment transactions. For example, banks are using this method to detect fraud in recurring payments, mobile banking apps or remote ordering of services.

4. Artificial Intelligence and Compliance

Tired of following up with your customers on timely payments? Don’t worry, AI is here to help you out. An automated follow-up mail coupled with instant blocking of defaulting account brings in financial discipline. This keeps a check on willful defaulters which are on a rise.

In other words, AI can speed up timely payments thereby increasing revenue for the government and companies alike.

5. Artificial Intelligence and Reduction in False Declines

You might have experienced an unexpected rejection of your payments on the last stage checkout process. This false decline is due to the system falsely identifying some suspicious activity during your payment process. Here is where AI can come in to solve the problem. In other words, the AI algorithm can rightly distinguish between the right and false declines. Going ahead, this brings in huge relief and convenience to the banks, payment gateways and customers alike.

Summary:

  1. AI brings in the automation of the payment process
  2. Database management is eased with the help of AI
  3. AI helps in fraud management
  4. User compliance is ensured via AI
  5. Reduction of false decline is ensured via AI

References:

For more blogs, visit SabPaisa Blog

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing Fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date.

Learn more about SabPaisa here: https://sabpaisa.in

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digital payments Entrepreneur Financial intermediary fintech Hybrid payment gateway payment gateway startup Uncategorized

Top seven startup laws in India

Be compliant with these basic laws to kickstart your startup

KPMG research shows that startups in India have seen a steady rise by seven times in the last decade. This is attributed to a slew of favorable government laws and initiatives in India. As a result, India’s image has grown by leaps and bounds as a startup-friendly country.

Hence, if you are an aspiring startup or a new startup, make sure that you comply with certain startup laws and regulations for the smooth running of your startup in India. Interestingly, India has a number of laws for startups ranging from contract laws, incorporation laws, patent laws, taxation laws, etc.

Startup laws in India
Know the nitty-gritties of startup laws in India

In this blog, I will talk about the core startup laws in India in a simplified fashion.

1. Limited Liability Partnership Act, 2008

Limited Liability Partnership Act, 2008 governs the formation of Limited liability partnership firms in India. Startups registered as LLPs have the flexibility of entering into contracts, hold properties, etc irrespective of the subsequent change in the partners involved.

Provisions of the Limited Liability Partnership Act, 2008:

  • LLP Agreement: It is not mandatory to have an LLP agreement. This reduces the technicalities involved, thereby easing the working of a startup.
  • Penalty: Violation of this Act results in a penalty of a maximum of five lakhs and a minimum of five thousand rupees.
  • Audits and accounts: Audit of accounts of the LLP is mandatory if turnover exceeds 40 lakhs or contribution by partner exceeds by 25 lakhs.

2. Companies Act, 2013

Companies Act, 2017 is the fundamental law for the formation, functioning, regulation, and dissolution of a company. It clearly sets out the responsibilities for different stakeholders of a company like directors, major shareholders, minor shareholders, etc.

Important provisions of Companies Act, 2013 are:

  • One person company: The new provision allows any company to be solely led by one person ( as both the director and the shareholder).
  • Shareholders: Maximum shareholders in a company could go up to a maximum of 200.
  • Women director: The Act provides for the mandatory appointment of a minimum of one woman board director.
  • Corporate Social responsibility: Every company which either has a net worth of Rs 500 crore or a turnover of Rs 1,000 crore or net profit of Rs 5 crore, needs to spend at least 2% of its average net profit for the preceding three financial years on corporate social responsibility activities. 

3. Competition Act, 2002

Competition Act, 2002 governs the competitive activities of different organizations in the Indian market scenario. It ensures fair play in the Indian market by keeping a check on anti-competitive activities by the different players.

Key provisions of the Competition Act, 2002 are:

  • Competition Commission Of India: It is the central regulator for monitoring and keeping a check on anti-competitive practices in India.
  • Penalty: CCI can enforce a penalty of up to 1 lakh on any company for anti-competitive practices. 
  • Appeal: Appeal against CCI’s decision can be made by the aggrieved party within sixty days of the judgment in the Supreme Court of India.

4. Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Code, 2016 aims to create a unified system for dispute resolution in India. It speeds up the dispute resolution process with the help of independent institutions and functionaries. In the past, dispute resolution in India was plagued by issues like red-tapism, organizational inefficiency, etc. Insolvency and Bankruptcy Code, 2016 intends to correct this loophole.

The provisions of Insolvency and Bankruptcy Code, 2016 are:

  • Dispute resolution time: Dispute resolution varies for corporates as well as individuals. The time frame is 180 days, extendable by 90 days for companies. For startups, the time frame is 90 days extendable by 45 days.
  • Dispute resolution request: Dispute resolution request can be put forth both by creditors as well as debtors.
  • Insolvency and Bankruptcy Board of India: IBBI is the insolvency regulator overseeing dispute resolution throughout the country. The board consists of 10 members including representatives from the Ministry of Finance, Law, and RBI.
  • Adjudicatory process: National Company Law Tribunal adjudicates in case of company and LLP firms. Individual and partnership firm related adjudication handled by Debt Recovery Tribunals.

5. Goods and Services Tax Act, 2016

GST Act aims to bring in a single, common taxation regime in the country by combining both central and state government taxes. It comes with the benefits of avoiding double taxation, lowering the prices of commodities and bringing in a competitive market.

Provisions of Goods and Services tax are:

  • GST slabs: The GST system currently has four slabs — 5%, 12%, 18%, and 28%. This simplifies the multiple taxes under the VAT system.
  • Central GST and State GST: Central GST to be levied and collected by the central government and State GST to be levied and collected by the state government.
  • Integrated GST: Integrated GST to be levied and collected by the Central government in case of inter-state transactions.
  • GST Council: GST Council is the governing body for revision of GST on a periodic basis.
  • Beneficial clause for Startups: By availing the input tax credit, startups can offset the regressive effects of the VAT system.

6. Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015

This act deals with the resolution of commercial disputes. Accordingly, commercial courts and commercial divisions of the high court can adjudicate on commercial disputes with a value of at least 3 lakhs.

It’s salient features include:

  • Commercial courts: Commercial courts to be established at the district level and also in the territories with the high court’s primary jurisdiction.
  • Commercial appellate courts: Commercial appellate courts are set up in the areas where original jurisdiction of the high court is non-applicable.
  • Mandatory mediation: Compulsory mediation provided in cases where there is no need for urgent relief.

7. Arbitration and Conciliation Act, 2015

Arbitration and Conciliation Act, 2015 deals with the arbitration of commercial disputes in an institutional fashion. Further, the act aims to make the arbitration process more cost-effective and client-friendly.

The salient features of the Arbitration and Conciliation Act, 2015 are:

  • Arbitral institutions: Supreme Court and High Courts to create arbitral institutions for dispute resolution, that can be directly approached by the parties for dispute resolution.
  • Arbitral award time: Arbitral award to be given within twelve months period, which could be extended by another six months.
  • Arbitration Council of India: Lays down norms for grading arbitral institutions and ensuring an environment of alternate dispute resolution (ADR).

For more blogs, visit http://blog.sabpaisa.in.

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

 

 

 

Categories
digital payments Hybrid payment gateway payment gateway startup

Six capital raising options for your startup

Tips to ensure regular capital for your business

She was young, she was bright, she was full of energy and she wanted to do something remarkable in life. But, her impediments came in the form of gender, age, and finance. Snubbed by banks and considered as a high-risk customer, she struggled with the capital while setting up her venture.

Nevertheless, her sheer grit, determination, and the venture capital model came to her rescue. She set up her first venture with a paltry sum of Rs.10,000 from a garage in Bangalore. Now, she is a successful entrepreneur by the name Kiran Mazumdar Shaw, the Chairman, the MD, and the founder of Biocon. The success of her startup venture has inspired generations.

Capital for startups
Six ways to raise startup capital

Are you facing the same problems as confronted by Kiran Mazumdar Shaw? If so, this blog is for you. These simple tips will enable you to find funding for your dream startup.

1. Bootstrapping method to raise capital

Bootstrapping refers to the use of a self-financing mechanism to raise capital for your venture. Individuals or institutions with an optimum amount of saving use this method. Herein, the role of external financers like angel investors, crowdsourcing, venture capitalists, etc is not present. For example, corporate giants like HP, SAP, and Dell is well known for humble beginnings through the bootstrapping method.

The major benefit of the self-financing method is the retention of the decision making power of the entrepreneur in his business. On the other hand, self-financing comes with financial insecurity in the face of cost overruns and unforeseen challenges.

2. Angel Investors

Angel investors are wealthy individuals providing funding for startups. Funding happens in exchange for ownership equity or convertible debt. Herein, funding is either on a one time or an ongoing basis. Generally, their own money is used for investing in the startup venture. For example, Meena Ganesh, CEO of Portea Medical, is an investor in four startups. In other words, friends, family, and crowd-sourcing options are the major sources of angel investments.

The major advantage of Angel investment is the inflow of a large amount of money for startups. The high inflow further brings in the option of experimenting and taking a risk. Nevertheless, there is a major associated risk of losing one’s decision making control of the company. Also, angel investments do not guarantee regular investments and cash flow. There are chances of fraudulent investment also.

3. Venture Capital

As compared to Angel Investors, Venture Capitalists do not invest their own money in a startup. Instead, the money pooled from different sources is invested in the venture. In return, Venture Capitalists get an equity stake in the venture. Moreover, unlike Angel Investors, Venture Capitalist investment happens at a matured stage of the company. Helion Venture Partners, Blume Ventures and Nexus Venture Partners are the famous Venture Capitalists in India.

In addition to the huge cash flow, the business expertise that comes with a Venture Capitalist is immense. The high profile contacts of Venture Capitalist is a long-lasting source of future business opportunities. Also, the support in the form of tackling legal and procedural challenges of a nascent company is worth noting.

On the other hand, Venture Capitalist funding comes with the downside risk of losing decision making control of your startup. This is detrimental to the success of any startup in the long run.

4. Loan

Bank loans are one of the safest ways of financing your business. Unlike Angel Investors and Venture Capitalists, banking loan doesn’t come with an equity stake or convertible debt. Further, bank loans come with affordable interest rate norms, usually in tune with government incentives. Also, the ensuing taxation benefits further boost startups.

However, bank loans come with procedural and approval challenges. The time consumed in paperwork runs into months in certain cases. Also, bank approval is difficult for startups in very nascent stages of businesses.

5. Government programs and Incentives

Governments across the world are putting in place incentive schemes for the growth of startups. For example, the Indian government’s Startup India scheme gives funding to startups from a consolidated pool of 10,000 crores. This brings in much-needed funding for startup growth. Further, the self-compliance clause gives room for greater trust in the long run. Also, freedom from Capital Gains Tax is a confidence builder for continuing future experimentation with creativity.

On the downside, there is an increased risk of micromanagement by government agencies. This is in the form of delay in approval and disposal of funds.

Hence, the handholding by government schemes is a vital factor for the creation of conducive startup culture.

6. Crowdfunding

Crowdfunding is the process of gathering funds from multiple sources like peers, individuals, venture capitals, angel investors, etc. The different types involve donations, online campaigns, debt, equity, etc. Elanco, Lego, and Unilever are some examples of companies with the crowdfunding platform.

On the positive side, crowdfunding brings in diverse funding options for a startup. Interestingly, there is a brand-building from scratch due to the wide clientele exposure. Also, there is scope for valuable suggestions and feedback which aids in the growth of the startup.

On the downside, crowdfunding brings in the risk of enhanced competition. It is seen that crowdfunding is increasingly becoming popular among businesses, both big and small. Finding the space for your startup is a time-consuming process. Also, the fees associated with various crowdfunding platform is exorbitant. This eats into the profits of startups.

Have you made up your mind on the mode of financing your startup? Depending on the domain, intent, and size of your startup, choose the apt funding option viable for your business. If you have a stable saving, dive into bootstrapping. If parting with decision making is not an issue, explore angel investments and venture capital. Further, if you find the government programs and the bank incentives interesting, go ahead with these options. Lastly, if you are looking for different ideas in addition to diverse funding options, crowdsourcing is your ideal destination.

Do not be deterred with the roadblocks. Just remember that successful entrepreneurs like Kiran Mazumdar Shaw and Bill Gates walked a similar path. The journey of a thousand miles begins with a single step.

Feel free to drop in your valuable comments in the comment section. Let’s learn and grow together.

For more blogs, visit http://blog.sabpaisa.in .

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Blockchain & Crypto digital payments Financial intermediary fintech Hybrid payment gateway payment gateway

Digital payment trends of 2019

Digital payment modes to simplify our lives

Have you faced the challenge of making cash payments at the grocery store? Have you fumbled up due to the lack of cash? Not anymore, with the digital payment system in the offing. Significantly, the digital payment system is the buzzword in the contemporary payment market.

By definition, digital payment systems connote the electronic transfer of money, as opposed to the physical cash payment. This is through different modes like; payment via an app, net­banking, contactless cards, etc. Going
ahead, digital payment is the need of the hour in consonance with a lot of benefits. Of these, multiple payment options, payment tracking, safety, and security take priority.

Digital payment modes
Learn about the digital payment modes which simplified transactions.

In this blog, I will walk you through the sought after payment modes of 2019.

1. Digital payment using E­ Wallets

E­wallets connote virtual wallets used to make payments with the help of a mobile or a computer device. This isakin to holding the personal, physical wallet under one head. Herein, the account details of a user linked to the
wallet to bring in ease of mapping of a user’s personal information. It comes with security features like passwordauthentication, KYC check, etc.

Advantages of E­wallets

  • E­wallets do not require you to key in precise details like CVV, the expiry date of the card, mobile number,etc. With these added security features, payment fraud reduced.
  • The user interface of E­wallets is easy to navigate. You won’t experience the hassle of keying in personal details for payment.
  • In other words, the preloaded data facilitate easy payments. As a result, payment processing takes place in a quick and hassle­free manner.
  • Data secrecy happens through the wallet to a wallet or the bank to bank transactions. Hence, this complies with the data security clause of government organizations.
  • On a different plane, e­wallets come with financial incentives and offers. Going ahead, this provides a good return on investments on payment processing.

Disadvantages of E­wallets

  • While e­wallet is changing the face of payments, it is not affordable due to the lack of internet and mobile connectivity.
  • Besides, e­wallet set up requires costly investments in the form of software and hardware.

2. Digital payment using Contactless card payments

This digital payment mode makes use of near field communication (NFC) or Radio Frequency (RFID) technology to facilitate card cum mobile payments. It includes credit/debit cards, smart cards, etc.

On the one hand, Radiofrequency technology involves the use of electronic fields to store data in the form of tags. The tags scanned during a transaction results in payments. Similarly, Near field communication technique makes use of magnetic fields to bring in an end to end transaction connectivity. Some of the key contactless payment providers include Wirecard, SecureKey Technologies, Tyfone, Dynamics, etc.

Advantages of Contactless card payments

  • It brings in fast payment transaction and settlement. Also, NFC avoids the waiting time associated with contact card payments.
  • Due to the inbuilt data encryption, there is an added level of security.
  • It brings in the room for prospective innovation.

Disadvantages of Contactless card payments

  • The cards are propense malware attacks. So, this brings in a security risk.
  • Being an advanced payment mode, the payment option is costly which everyone cannot afford.
  • Since it is an advanced technology, very few merchants use this technology.

3. Digital payment using Payment Cards

This digital payment mode deals with electronic money transfers via cards like debit, credit, smart, etc. Besides,the cards are electronically linked to a customer’s bank accounts. The card authentication takes place with the help
of PIN, CVV, etc. Also, these cards are used at ATMs, POS machines and online payment platforms. The subsequent usage charges are very low.

The technologies associated with the cards are magnetic strip technology, embossing, and smart card technology. In a magnetic strip card, card data stored in the magnetic strip is read by swiping it. In a smart card, hologram and ICs bring about counterfeit prevention.

Advantages of Payment cards

  • Easy and convenient transactions by avoiding physical cash. Herein, transactions take place conveniently by using the inbuilt data present in the cards.
  • Payment cards have inbuilt payment tracking. With the credit history tracked, it keeps a check on taxation issues.
  • Besides, the cards come with offers as incentives for online payments. Hence, this creates a favorable payment environment in the long run.

Disadvantages of Payment cards

  • Payment cards create a culture of debt accumulation. For example, with credit card purchases the repayment happens with the added interest rate.
  • Also, the increasing debit/credit card frauds compromise with the precious personal data of users.

In a nutshell, choose the payment platform which best suits your business requirements. While E­wallets are common amongst small e­commerce players, a contactless card is the upcoming payment trend. Besides,
debit/credit cards support a variety of customer base. Hence, digital payment modes are fast changing the face of payments across the world.

For more payment blogs, click http://blog.sabpaisa.in Learn more about SabPaisa here:https://sabpaisa.in.

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Financial intermediary Hybrid payment gateway payment gateway

Top Seven Payment Gateways Of India – A Payment Gateway List

Top payment gateway list decoded

Have you thought of rolling out a dream venture? As a result, did you choose the right payment gateway that will drive your dream enterprise? Notably, the available payment gateway list is wide and varied.

In a world of distinct customer base, the needs and requirements vary. So, one needs to be careful while choosing the right payment gateway. For example, the selection depends on several factors like interface, security,  maintenance charges,  customer support, etc.

The below-mentioned payment gateway list makes your selection faster, though. However, the rankings do not represent my personal opinion in any way.

1. CCAvenue

Checkout page of CCAvenue Payment gateway
Card and Net payment options

CCAvenue has a range of payment options. Overall, its efficiency is seen in terms of pricing, quality of sales, customer support, etc.

Features of the number one in the payment gateway list are:

(a) Payment gateway integration

CCAvenue offers a platform to process merchant transactions through credit or debit cards.

(b) Credit card processing options

CCAvenue accepts six credit cards like Visa, MasterCard, American Express, JCB, Diners Club, and EZE Click.

(c) Interface support

CCAvenue offers two interfaces: variable amount interface and shopping cart interface.

Variable amount interface works well for shopping cart developed scenario. On the other hand, the shopping cart interface helps in cart building.

(d) Currency support

CCAvenue facilitates transactions in 27 currencies across the world.

(e) Storage mechanism

The Safe card storage vault mechanism easily handles merchant data.

(f) Customer support

Round the clock customer service through call, email, and webchat.

Summary of CCAvenue features:

  • Payment gateway integration
  • Credit card processing options
  • Multiple interface support
  • Currency support in 27 currencies
  • Storage mechanism
  • 24/7 customer support

For more information, click on https://www.ccavenue.com/

2. InstaMojo

Dashboard of Instamojo payment gateway
Access the payment links and product store

Instamojo is a niche payment gateway in the e-commerce sector. Hence, Instamojo has made a significant mark among customers.

Features of the number two in the payment gateway list are:

(a) Unrestricted setup

Instamojo comes with no setup fees. Notably, the typical selling time ranges between 10-15 minutes post the setup.

(a) Secure payment services via unique product links.

The merchants have the option to create and distribute unique product links. Significantly, the links have an inbuilt security feature.

(b) User-friendly interface

There is an option to use the UPI interface. Notably, this brings in two-way transaction initiation at the payer as well as the payee level.

(c) Business tools

Instamojo comes with inbuilt tools for the use of customers.

(d) Payment gateway transaction

The transaction fees are 2 %. The settlement time is less than three working days.

(e) Customer service

The unique dispute resolution center is in charge of customer support. Most importantly, query handling is in the form of cases with unique IDs.

Summary of Instamojo features:

  • Unrestricted commencing setup
  • Secure payment services via unique product links
  • User-friendly interface
  • Useful business tools
  • Meager transaction fee
  • Unfailing customer service

For more information, click on https://www.instamojo.com/

3. PayPal

Login details of PayPal payment gateway
Easy login with your email id and password

PayPal is another popular payment gateway in the world. Principally, it has a presence in more than 200 countries with a 170 million customer base. Also, it supports over 100 currencies.

Majorly, PayPal is fit for businesses with a large international client base.

Features of the number three in the payment gateway list are:

(a) Payment support

PayPal doesn’t support Indian Rupee. Transactions occur in an international currency. Hence, Indian merchants prefer PayPal for inward transactions only.

(b) Multiple currency support

With the multiple currency feature, payment takes place in different currencies. Significantly, the balance is transformable from one currency to another.

© Secure payment services

PayPal comes with security features like fraud detection, buyer authentication, and exorbitant billing. PayPal’s Buyer protection ensures reimbursement of failed transactions.

(d) Simple documentation process

The documentation process consists of four simple steps of verifying through PAN card, email ID and Bank Account.

(e) Settlement process

A payment settlement takes place within a day. Most importantly, the auto-withdrawal feature has a minimum turnaround time.

Additionally, payment capture happens through Express checkout and Manage Express checkout features.

Summary of PayPal features:

  • No Indian rupee support
  • Multiple currency support
  • Secure payment services
  • Simple documentation process
  • Quick settlement process

For more information, click on https://www.paypal.com/

4. SabPaisa

Online App of SabPaisa payment gateway
Easy search of clients on the SabPaisa App.

Traditional payment gateway systems come with few limitations. Since they majorly work on online platforms, there are constraints for distant stakeholders. Therefore, SabPaisa aims to create a hybrid platform (online+ e-offline) for payment gateway transactions.

Established in 2016, Sabpaisa’s growth has been remarkable. SabPaisa caters to a range of clients like Allahabad Bank, Bank of India, Magic bricks, Vijaya Bank, Dena Bank, Delhi Jal Board, Press Council of India, UP Government, etc. Therefore, it has found acceptance among 500 trustworthy clients and 3 million customers across the country.

The features of the number four in the payment gateway list are:

(a) Hybrid payment gateway integration system

The innovative hybrid payment platform serves the needs of different customers.

Firstly, online payments via card and net banking are supported. Secondly, an offline payment option is available via cash and subscription option. Incidentally, SabPaisa is the first payment gateway in the world to introduce the hybrid payment system.

Also, SabPaisa supports seven currencies like the Australian dollar, Canadian dollar, Euro, British pounds, INR, New Zealand dollars and US Dollars.

(b) Mansha AI

Artificial intelligence helps in transforming voice or image input into text format. Overall, clients get real-time reliable support.

(c) Taylor -made Sab Paisa Qwik forms

SabPaisa offers a customizable online form builder based on the needs of different clients. Firstly, the database is captured for new users. Secondly, registered users make use of LinkPaisa to make payment.

(d) Dedicated application for clients – SabPaisa App

SabPaisa has client focussed application. Hence, every new client is given a unique transaction ID.

(e) Authentic customer support

SabPaisa offers dedicated customer support through channels like; email, voice message, as well as chat messages. Further, Mansha AI brings an innovative way of customer query handling.

Summary of SabPaisa features:

  • Hybrid payment gateway integration system
  • Mansha AI
  • Customized SabPaisa Qwik forms
  • Dedicated SabPaisa App
  • Innovative customer support

For more information, click on https://sabpaisa.in/

5. Paytm

Promocode for Paytm payment gateway
Easy application of promo code

Paytm has emerged as a predominant payment gateway post demonetization of 2016. Most importantly, Paytm’s business model has emerged as a replicable model for many financial enterprises.

Paytm Cash wallet facility has enhanced its consumer base. Due to its QR based system, Paytm continues to be the choice for small businesses.

The features of the number five in the payment gateway list are:

(a) Setup

It gives a simple application that is very straightforward to set up and start operation straightaway. Hence, it is summarily adaptable on almost all types of smartphones.

(b) Maintenance

Paytm comes with no maintenance charges. Hence, it is convenient for small businesses like start-ups and brick and mortar stores.

(c) Payment Modes

Paytm supports domestic credit and debit cards. As transactions take place primarily in Indian currency, there is no international credit card processing support. Also, there is a Netbanking facility for about fifty banks.

(d) Payment gateway charges

Paytm doesn’t charge any transaction fees. Overall, Goods and Services Tax (GST) of 18% is charged on Paytm transacted materials and services. Significantly, this helps in enhancing government revenue generation.

Initially, the first settlement happens within 4-5 days. Going ahead, settlements take place on a one-day post-transaction date.

(e) Customer support

Voice-Enabled customer support provision 24/7 throughout the week.

Summary of Paytm features:

  • Convenient setup
  • No maintenance charges
  • Multiple payment modes
  • No payment gateway charges
  • 24/7 customer support

For more information, click on https://paytm.com/

6. Razorpay

By facilitating collateral-free loans and instant settlements, Razorpay brings in a wide range of services.

The features of the number six in the payment gateway list are:

a) Smart collect

The reconciliation process is made easy with the option for automatic incoming payment notification. Multiple payment modes like NEFT, RTGS, IMPS  are supported.

b)Subscriptions

Enjoy subscription plans with the automated recurring options available in the platform.

c)Payment pages

With the customized payment pages, payments take place in a hassle-free manner.

d)Razorpay capital

Cash crunch for your business is a thing of the past with the Razorpay capital. Be it loans or instant settlements, Razorpay capital provides it all.

e)Payment route

The custom APIs facilitate different payment routes like split payments, vendor payouts, etc.

Summary of Razorpay features:

  • Easy reconciliation with Smart collect
  • Varied subscription plans
  • Custom payment pages
  • Razorpay capital for business funding
  • API enabled custom payment routes

For more information, click on https://razorpay.com/ 

7. PayU

Do not worry if you have an unregistered business, PayU is here to help your business flourish. With the simplified user interface, the payment platform is adaptable for both individuals and businesses alike.

The features of the number seven in the payment gateway list are:

a)Simple setup

The presence of the account activation process makes it possible to accept payments within five minutes of the initial setup.

b)Payment modes

With a wide range of payment modes like Net banking, wallets, cards, and UPI, transactions proceed in a smooth and seamless manner.

c)Payment management

The presence of a dynamic dashboard eases both transaction and account management functionality. Further, the users are given a real-time alert of transactions via push notification.

d)Payment integration

There is ease of operability through numerous integration options. For example, an additional feature addition happens through the change of code. Also, customers could avail of real-time updates via the auto-update feature.

Summary of PayU features:

  • Simple initial setup
  • Numerous payment modes
  • Dynamic payment management
  • Flexible payment integration

For more information, click on https://www.payumoney.com

Prospects of Payment Gateway System in India

The future of the payment gateway system in India looks very promising.  The success of payment gateways in India depends on two factors: (1)   gateway interface and (2) user satisfaction.

While there are common features that unite the payment gateways, but there are certain features unique to each of them. For example,  CCAvenue comes with a  safe card storage vault mechanism that brings in additional security. On the other hand, security is assured through product links on Instamojo.  Further, Razorpay Capital makes loan approval and settlement easy and affordable.

Similarly, SabPaisa’s hybrid payment system works well for both big and small businesses. Be it a small brick and mortar shop or an MNC, SabPaisa’s online payment systems will capture the most minute transaction. Besides, SabPaisa’s Mansha AI runs on artificial intelligence which clearly guides customers within the practical scenario.

Going ahead, there is no dearth of payment gateway options for businesses at present. The suitable payment gateway selection is business-centric as well as customer-centric. A wise selection based on cost, efficiency, and effectiveness is the need of the hour.

Categories
Banking digital payments fintech Hybrid payment gateway

Best Articles On Blockchain Technology – 1 – What Is Blockchain

In these series of blogs written like a tweetstorm, we will summarize the best articles on blockchain technology (in our opinion) published on the web.

Blockchain

This blog will summarize the first such article published in the WIRED magazine which explains what is blockchain. The key points in the article are

1. The world is split between experts who think blockchain is either the most innovative technology since the internet or a solution looking for a problem

2. The digital currency bitcoin is the source of the original blockchain, the software for which was released to the public in January 2009. Blockchain is essentially a distributed ledger consisting of linked batches of transaction known as blocks (the reason for the term ‘blockchain’). Close to 200,000 computers make up the bitcoin network and an identical copy of the ledger is stored on each of the computer

3. Any entity making a bitcoin transaction (transferring digital coins) has to prove they are the actual owner of the coins; this is accomplished by cryptographically signing each change to the ledger. Since the information on each transaction/change is transmitted to every node in the bitcoin computer network as soon as the transaction is recorded in the ledger, the technology ensures no one can commit a fraud

4. Another well-known cryptocurrency Ripple began as an exchange for digital IOUs between parties; it was a prototype of a system for issuing tokens that could be traded with others in exchange for computing intensive work. The idea was to both keep track of how each unit of the virtual currency is spent and prevent unauthorized changes to the ledger. The upshot: No bitcoin user has to trust anyone else, because no one can cheat the system.

5. Advocates have seized on the idea of a decentralized, cryptographically secure database for uses beyond currency. They believe blockchains can not only replace central banks but usher in a new era of online services outside the control of internet giants like Facebook and Google. These new-age apps would be impossible to censor, advocates say, and would be more answerable to users

6. The idea could eventually show up in lots of places. For example, your digital identity could be tied to a token on a blockchain. You could then use that token to log in to apps, open bank accounts, apply for jobs, or prove that your emails or social-media messages are really from you. Future social networks might be built on connected smart contracts that show your posts only to certain people or enable people who create popular content to be paid in cryptocurrencies

7. One of the first projects to repurpose the bitcoin code to use it for more than currency was Namecoin, a system for registering domain names. The traditional domain-name management system—the one that helps your computer find our website when you type wired.com—depends on a central database, essentially an address book for the internet. Internet-freedom activists have long worried that this traditional approach makes censorship too easy, because governments can seize a domain name by forcing the company responsible for registering it to change the central database. The US government has done this several times to shut sites accused of violating gambling or intellectual-property laws. Namecoin tries to solve this problem by storing .bit domain registrations in a blockchain, which theoretically makes it impossible for anyone without the encryption key to change the registration information. To seize a .bit domain name, a government would have to find the person responsible for the site and force them to hand over the key

8. In 2013, a startup called Ethereum published a paper outlining an idea that promised to make it easier for coders to create their own blockchain-based software without having to start from scratch, without relying on the original bitcoin software. In 2015 the company released its platform for building “smart contracts,” software applications that can enforce an agreement without human intervention. For example, you could create a smart contract to bet on tomorrow’s weather. You and your gambling partner would upload the contract to the Ethereum network and then send a little digital currency, which the software would essentially hold in escrow. The next day, the software would check the weather and then send the winner their earnings. At least two major prediction markets have been built on the platform, enabling people to bet on more interesting outcomes, such as which political party will win an election. So long as the software is written correctly, there is no need to trust anyone in these transactions

9. Ethereum and other blockchain-based projects have raised funds through a controversial practice called an initial coin offering or ICO. The creators of new digital currencies sell a certain amount of the currency, usually before they’ve finished the software and technology that underpins it. The idea is that investors can get in early while giving developers the funds to finish the tech.The catch is that these offerings have traditionally operated outside the regulatory framework meant to protect investors, although that’s starting to change as more governments examine the practice

10. Meanwhile, despite the fact that bitcoin was originally best known for enabling illicit drug sales over the internet, blockchains are finding acceptance in some of the world’s largest companies. Some big financial services companies, including JP Morgan and the Depository Trust & Clearing Corporation, are experimenting with blockchains and blockchain-like technologies to improve the efficiency of trading stocks and other assets. Traders buy and sell stocks rapidly, but the behind-the-scenes process of transferring ownership of those assets can take days. Some technologists believe blockchains could help with that.

11. In 2015, some of the largest financial institutions in the world, including JP Morgan, the Bank of England, and the Depository Trust & Clearing Corporation (DTCC), announced that they would collaborate on open source blockchain software under the name Hyperledger. Several pieces of software have been released under the Hyperledger umbrella, including Sawtooth, created by Intel for building custom blockchains. The industry is already experimenting with using blockchains to make security trades more efficien

12. However, all is not sunshiny. Despite the blockchain hype—and many experiments—there’s still no killer app for the technology beyond currency speculation. And while auditors might like the idea of immutable records, as a society we don’t always want records to be permanent. Blockchain proponents admit that it could take a while for the technology to catch on. Also, security is another issue. In 2016 a hacker made off with about $50 million worth of Ethereum’s custom currency intended for a democratized investment scheme where investors would pool their money and vote on how to invest it. A coding error allowed a still unknown person to make off with the virtual cash.

13. All said and done bitcoin/blockchain proved that it’s possible to build an online service that operates outside the control of any one company or organization. The task for blockchain advocates now is proving that that’s actually a good thing.

Please read the full article here: 

The Wired Guide to the Blockchain

For more blogs, visit SabPaisa Blog

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing Fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here: https://sabpaisa.in