fonePaisa Payment Solutions Private Ltd

fonePaisa offers innovative solution to real-life problems in the payment industry. It is a mobile application based payment solution that allows the user to make the real-time payments, inter-person transfer funds and receive them too, by using any ‘payment source’ (cards, bank account and even digital/mobile wallets) of her choice. It enables us to pay even at the physical stores, besides offering the safety of approving each transaction within our own mobile handsets.
This ubiquitous product enables on-demand merchant payments to be paid by the consumers, with various mechanisms to pay with. Merchant may raise a payment demand in proximity or remotely, with/out computerization; while the consumer authenticates the payment over a smartphone.
Supported mechanisms include QR-code based, web/app based gateway or even over mobile apps. fonePaisa enables payment from any card, NetBanking and even leading digital/mobile wallets.
Key offered products are:
1. Closed Loop Wallet for cash and non-cash collections
2. fonePaisa Consumer App
3. fonePaisa Merchant App
4. Payment and Account Re-conciliation
5. Payment Gateway – Web & App
6. Virtual Account based electronic Collections
Important is not for the solutions to reconcile, rather it valuable is when a solution orchestrates the complete collection process itself. fonePaisa doesn’t reconcile in post-facto mode, rather it works along the business workflow and communicates with the debtors in real-time and also collects monies and also manages the collection reconciliation, even if the payments were made from outside fonePaisa control. The PARS sits in between the business and its customer and orchestrates the entire payment, collection and re-conciliation process between the two entities, thereby resolving the business’s re-conciliation issue and changes nothing on the consumer’s front. The consumer can pay using any of the following modes
1. Payment gateway
2. In app payment
3. Browser based
4. Business portal
Powered by a “Virtual Account Number” based electronic collection system to leverage the NEFT/RTGS and IMPS banking infrastructure, fonePaisa may be configured to use the business’s unique name itself.
Example: Z <5-7 character business name> <10 character Debtor identifier>
The Closed loop wallet product allows businesses to reward their customers using wallets. These wallets are available exclusively to the business and allow businesses to control the usage of the rewards.