With a plethora of payment solutions available in the market, finding the right payment gateways to integrate can be challenging. Over the years, the digital payment industry in India has witnessed several innovations aimed at marketing the expansion of digital payments.
The e-commerce industry understands that payment processes such as collecting money from customers and settling merchants are pivotal to the success of a business. Providing safe, dependable, and secure payments to their customers when they make online payments is necessary for Business. Paysmart's robust features provide customized solutions with a comprehensive understanding of the clients’ needs and enable support hassle-free payment handling systems.
You Receive Payments, We reconcile them.
Use a unique account and virtual UPI ID for each payer. Opt for fully numeric or branded virtual A/C numbers.
Freedom from manual reconciliation: Get aggregated payment details with date and time.
Create a virtual account in real-time. Deactivate an account any time you wish. Transfers initiated to any disabled virtual account get rejected.
Multiple payout methods. Think beyond just bank transfers
Add up to 10,000 beneficiaries instantly at once by using file upload or API option and make Instant payouts.
Achieve up to 100% reconciliation within 24 hours. Transfers, failures, reversals, and reconciliation are automated by eliminating the manual reconciliation process across multiple transfer modes, destination banks, and reporting formats.
PPIs are payment instruments that facilitate the purchase of goods and services, including financial services, remittance facilities, etc., against the value stored on such instruments. PPIs that can be issued in the country are classified under three types viz. (i) Closed System PPIs, (ii) Semi-closed System PPIs, and (iii) Open System PPIs.
Closed System PPIs are issued by an entity for allowing the purchase of goods and services from that entity and do not permit cash withdrawals. This cannot be used to pay or settle third-party services.
Semi-closed System PPIs are used for the purchase of goods and services, including financial services, remittance facilities, etc., at a group of clearly identified merchant locations/establishments which have a specific contract with the issuer (or contract through a payment aggregator/payment gateway) to accept the PPIs as payment instruments. These instruments do not permit cash withdrawal, irrespective of whether they are issued by banks or non-banks.
OPen System PPIs are issued only by banks and are used at any merchant for the purchase of goods and services, including financial services, remittance facilities, etc. Banks issuing such PPIs shall also facilitate cash withdrawal at ATMs / Point of Sale (PoS) / Business Correspondents (BCs).
Banks that comply with the eligibility criteria, including those stipulated by the respective regulatory department of RBI, shall be permitted to issue semi-closed and open system PPIs, after obtaining approval from RBI. Non-bank entities which comply with the eligibility criteria, including those stipulated by the respective regulatory department of RBI, shall be permitted to issue only semi-closed system PPIs, after obtaining authorization from RBI.
Interoperability is the technical compatibility that enables a payment system to be used in conjunction with other payment systems. Interoperability allows PPI Issuers, System Providers, and System Participants in different systems to undertake, clear and settle payment transactions across systems without participating in multiple systems.