'PayCraft' works very closely with the global Card Networks like Mastercard, RuPay, Visa, and Mercury(UAE) and has built specifications on contact and contactless cards of these card networks like RuPay qSPARC(NPCI), M/Chip Advance (Mastercard) and Mercury (UAE). PayCraft has created synergies in the offline issuance and acquiring space solutions with some of the major public & private sector banks including SBI, Axis Bank, ICICI, HDFC, etc. to issue open loop retail and transit compliant cards and has also marked its presence internationally with its Prepaid Card Issuance solutions being deployed in the UAE and other countries.
Besides One Nation One Common Mobility Card, Govt. is committed to implementing offline payments in all spheres of the card payment ecosystem. We see a lot of acceptance at the metro authorities’ level and the entire ecosystem is in a place where offline payments will become a very dominant space going forward. We are also implementing a mobile-based QR payment in offline mode in one of our upcoming Metro Projects at Pune.
‘PayCraft’ is an end-to-end ticketing and payment solution provider for the Pune metro. We were tasked to build “One Mobile App” & “Common Mobility Card” for commuters and their needs not just limited to Pune but across India. With this objective, PayCraft has built the ticketing and payment product that shall enable the commuters to do ticketing via a) QR code: that conforms with C-DAC specifications for ensuring interoperability with multiple modes of transport and b) NCMC compliant card: based on NPCI and C-DAC specifications that can be used in Pune metro and any other transit operator conforming to NCMC standards. We are moving towards the objective of eliminating cash and bringing convenience to the commuters by reducing their touch points before they finally travel.
The project has a couple of accolades already:
The first metro project in the country wherein the ticketing and payment system is 100% Swadeshi. This sector has been predominantly dominated by international players or by the partnerships between domestic and international players. With the vision of our Hon. PM and ministries, today we stand tall with large international companies on whom we had to rely on in the past.
The first fully cashless kiosk with capabilities of making payments via digital channels including UPI. Delhi metro had been the first one in the country to introduce Ticket Vending Machines(TVM) that had options for making payments using cash or cards. Since then, digital payments have grown significantly but the solution to bring all digital payments under one box was amiss. However, with Pune metro’s revolutionary vision, we are bringing in the change that will put us the way of ahead of time.
Ambarish Quoted “ Paycraft has shown growth and has been profitable before lockdown. There is a total of 11 metro projects of which PayCraft is a part. Paycraft is a critical part of the Pune Metro launched recently by PM Modi. PayCraft was responsible for end-to-end ticketing and payments as a solution provider for the Pune metro.
The first metro project in the country wherein the ticketing and payment system is 100% Swadeshi. This sector has been predominantly dominated by international players or by the partnerships between domestic and international players. With the vision of our Hon. PM and ministries, today we stand tall with large international companies on whom we had to rely on in the past.
The first fully cashless kiosk will be launched soon. It will have the capabilities of making payments via digital channels including UPI. Delhi metro had been the first one in the country to introduce Ticket Vending Machines(TVM) that had options for making payments using cash or cards. Since then, digital payments have grown significantly but the solution to bring all digital payments under one box was amiss. However, with Pune metro’s revolutionary vision, we are bringing in the change that will put us the way of ahead of time.
Ambarish Parekh says “Paycraft is aiming to target 5 million customers and plans on handling roughly around INR 5000 cr GTV by the end of FY 23. This will scale up to around 20 million customers and INR 20k cr GTV in 3 years.
‘Paycraft’ currently manages approximately 70 million cards on its card issuance and management platforms for both prepaid and debit cards. PayCraft platforms have managed over 100 million EMV offline transactions in a very short period. All PayCraft platforms are propriety and build in-house Built in-house by a strong technology and development team. The Issuance, Acquiring, Automatic Fare Collection Systems, and digital QR platforms which power the digitalization of transit ticketing payments are capable of handling both Offline and Online Transactions & Manage fungible balances seamlessly. PayCraft works closely with International Card associations including Master Card, VISA, Rupay, and Mercury for developing and running unique payment use cases.
‘PayCraft’ is actively looking to expand its existing footprint in the Gulf Region by partnering with various issuers to provide cutting-edge solutions to help users with small ticket size payments both online and offline for bus and metro services along with retail payments.
‘PayCraft’ has developed customized solutions by the guidelines set by the Central Bank of UAE and to Ministry of Labor, to revolutionize the process of Digitizing Payroll Card processing systems in UAE with the Introduction of the WPS payroll card. The WPS is an electronic salary transfer system that enables organizations in the private sector to pay employees’ wages through contracted Banks, Exchange Houses, or any other financial institution approved and authorized by the Central Bank of UAE.
Specific focus on the Mena region where the company has already picked up projects and aspires to be the leader.
‘PayCraft’ is working closely with fintech and large conglomerates in Africa to build the Africa Payments stack. This will provide seamless payments to millions of unbanked and underbanked masses with easy-to-use, intuitive payment solutions. The objective of providing these solutions to various players in Africa is to help them enable seamless digital payments for many first-time users and the under-banked.
‘Paycraft’ is creating seamless payments solutions focussing on the pain points of logistics operators and supply chain companies by providing an all-in-one card solution for truck drivers in the African Market. PayCraft has been achieving consistent growth in the number of transactions and gross transaction value handled by their payment platforms. The international expansions would further scale up these numbers with multifoliate aims to handle USD 10 billion GTV of payment transactions.
We are launching India First Initiative – One Nation One Card concept with NCMC Enabled Retail Corporate Prepaid Cards + Expense Management Platform which can work for Transit travel as well. A single Card with Multi wallet features for Corporates to manage employee reimbursements across tax exemption and expense wallet categories. This card is a One-Stop end-to-end payment solution specially designed for Corporates to make their payments/disbursement experience simpler and faster. Can be used for Corporate Expenses, ATM, POS, Ecom, Retail, and offline with Transit travel enabled on the Card.
We are placing our efforts on developing offline enabled retail payment solutions which focus on the Importance of Offline payments. This is in line with the Govt push to digitize the lower end of the pyramid in areas with poor connectivity or lack of connectivity at merchant outlets across semi-urban and rural India. This will allow small ticket size payments to be made seamlessly at merchant outlets with poor or no internet connectivity. This will further empower consumers and push digital payments in these areas.
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