PayCraft Solutions Private Ltd., a fintech company dedicated to the implementation of offline/contactless payments in the field of urban mobility, plans to introduce NCMC (National Common Mobility Card) specifications, which will be used for prepaid cards for companies in the Retail match as well as an expense management platform can also work for payment during transit.
This is in line with the “One Nation One Card” concept proposed by the Union Government.
“It will be a single card that will come with multi-wallet capabilities for businesses to manage their employee reimbursements across tax benefits and expense wallet categories,” said Ambarish Parekh, chief experience officer (CXO), PayCraft. “This card is an end-to-end, one-stop payment solution designed specifically for businesses to make their payments/withdrawals easier and faster,” he said. “It can be used for corporate spending, ATM, POS, e-commerce, retail transactions and also offline transactions when transit travel is enabled on the card,” he added. The corporate cards will be rolled out across India by July and the company aims to serve half a million corporate employees and handle corporate expenses of ₹3,000 crore over the next 3 years. In addition to the enterprise segment, the company is developing offline-enabled retail payment solutions, which will focus on offline payments. This is in line with the government’s push to digitize the bottom of the pyramid in areas with poor or no connectivity when doing business in semi-urban and rural India. “This will allow small ticket size payments to be made seamlessly at merchant locations with poor or no internet connectivity. This will further empower consumers and drive digital payments in these areas,” said Mr. Parekh. PayCraft handles ticketing in Pune Metro and is the fintech service provider in 10 other metros.
Mr Parekh said: “We aim to serve 5 million customers and plan to handle around ₹5,000 crore GTV (Gross Sales Value) by the end of FY23. This will scale to 20 million customers and ₹20,000 crore GTV in 3 years,” he added.
In addition to India, the company is working closely with fintech companies and large conglomerates in Africa to build a payment system for the countries of the continent.
“The goal of providing solutions to different actors in Africa is to help them enable seamless digital payments for many first-time users and those who are underbanked,” he added.
The company intends to expand its existing presence in the Gulf region by working with various issuers to offer solutions that help users with small ticket payments both online and offline for bus and subway services as well as retail payments.