In the past decade banking system has been truly revolutionized mainly because of the advent of digital transition. Today, one can make payments, receive payments, get loans and all sorts of banking jobs done right from the comfort of home through their mobile phones. Leveraging AI and innovative technology has been the reason for all this becoming a reality. There have been interesting innovations, powered by some companies founded on brilliant ideas that have made it easier to make payments. A mandate that enables the bank to automatically debit a pre-decided amount from your bank account, that goes towards payment of monthly bills, EMIs and repayment of loans. Here are some Indian companies that have made payment mandates easier and convenient.
Paycorp.io
Paycorp.io provides instant and assured B2B recurring auto debit solutions. This means that a business which enrols with them can make bi monthly, monthly, quarterly or annual payments directly through the account, without the need for human intervention. With the process automated one need not worry about late payment charges as the payment gets completed within 24 hours. This automated deduction can be for bills, salaries of employees, payment to vendors. In the long run, this means that one can work with less manpower as majority of accounting work is taken care of. The company has direct interface with six banks that enables zero wastage. Payment options like direct from bank account, WhatsApp, link push and portal also enable ease of working. Perfect for startups, SMEs, MSEs as well as corporates, it ensures that recurring payments is one less thing for the business owners to worry about.
Razorpay
Razorpay works on subscription-based model, and is the answer to online businesses that need a safe and secure payment gateway solution. As the world has finally moved into the digital era, more and more businesses are starting online. Infact traditional businesses are also going online. This means that there is a need for a safe and secure payment gateway, that is offered by Razorpay. The customised payment portal enables the entrepreneurs to accept, process and disburse payment. More importantly the company keeps hawk’s eye on online fraudsters to provide the safety that an online business needs.
PhonePe
With PhonePe, clients can pay bills, send money to friends and family, buy gold or invest in gold stocks. Apt for all sorts of payments, and acceptable at most of the places, PhonePe enables instant payment without the need to carry a huge amount of cash when you go shopping or on a holiday or need to pay the vendors. It is already very popular as it allows the users to skip the queue, make payments anytime, anywhere.
CCAvenue
CCAvenue is the solution when you face random payment failures. There are times when the money has been deducted from your account but hasn’t been received by the seller. This leads to mayhem, as one does not know how to get that money back or if they need to pay again. CCAvenue allows businesses to accept payment from different modes if the payment has somehow not worked. The Fraud and Risk Identification System and Knowledge base (F.R.I.S.K.) ensures zero payment failure giving optimal transacting experience.
Paytm
Paytm is one of the most popular UPI payment apps and enables users to go truly cashless. It also makes the process of purchasing anything simpler and easier, minus the inconvenience of having to carry cash, and wait for the seller to give the change back. It helps to pay mobile bills, electricity bills, OTT subscription bill etc. Enabling timely payment of bill at any hour is the most important advantage. Also, it is easily acceptable at local grocery hawkers, shopkeepers, parlours etc making it the favorite payment option.
