How does ePaisa work ? The ePaisa wiki

ePaisa is an app based payment solution, founded by Siddharth Arora (Alumni of University of California), Ramandeep Chadha and Akash Aurora(Alumni of Harvard) in the year 2012 with a vision to help and support Reserve Bank of India’s cashless transaction vision.

ePaisa means electronic Paisa(lowest denomination of the Indian currency existent today). In India more than 90% of the transactions are done by cash. ePaisa is currently enabling SMEs to a secured, efficient and more profitable way to accept payments from its customers.

I was impressed about learning of a system like ePaisa and started my research on the payment system. When I completed my research on ePaisa I was shocked to know about such a wonderful system so I decided to write a post on it. Hope you like it.

 

How did ePaisa start?

 

ePaisa was started to cater the needs of 40 million retail stores, of which 80% of the retail stores don’t provide card/wallet based payments due to lack of proper infrastructure like power, broadband, wireless network connectivity, etc…

As mentioned earlier most of the payments in India is done by Cash on Delivery, when products are purchased online.

 

ePaisa allows small kirana shops to accept cashless payments at their stores

ePaisa allows small kirana shops to accept cashless payments at their stores

 

They conceived the idea of starting an m-POS which is connected to the app on their iOS /Android devices accessible anytime at their convenience.

Unified Platform

 

Have you ever though that we are in a world in which there are a number of POS terminals to which services are offered by many different companies, we have different payment gateways and a number of loyalty programs.

 

ePaisa is a one stop platform for payment gateway, loyalty program and POS terminal

ePaisa is a one stop platform for payment gateway, loyalty program and POS terminal

 

But ePaisa is a bridge to all of them. It gives their own card reader connected via Bluetooth to their devices for accepting payments and gives the freedom for every retailer to start and run his loyalty program at his convenience.

 

Features of ePaisa

 

  • Create your own ePaisa POS terminal which can be managed from your tablet or PC which can accept payments anytime, anywhere. They payments can be taken on the ePaisa Chip and PIN card reader provided by ePaisa.
  • It accepts Omni Payments at all POS terminals. Omni Payments include card payment (Visa, MasterCard and RuPay), Online Wallets (Paytm, Mobikwik, Citrus) and accept cheque, cash or through loyalty points. These POS terminals help in accepting card payments at your doorstep.
  • Offline to Online: Nowadays ecommerce is a vital tool for any business. ePaisa provides services by which they can sell their products on leading ecommerce products.

 

ePaisa is a feature rich platform with features like marketplace integration, loyalty program, etc...

ePaisa is a feature rich platform with features like marketplace integration, loyalty program, etc…

 

  • Value Added Services: Each ePaisa merchant can provide services like Bill Payments, Mobile Recharge, Money Transfer, Travel Tickets, etc…
  • Business Tools: Each merchant can integrate business tools like Tally to maintain their records and grow their business.
  • Management of Inventory well with robust secured software.
  • This system doesn’t make it necessary that the merchant must have a bank account.
  • ePaisa provides its home grown analytical software which can be used anytime to check your track record of your business venture.
  • Completely cloud based such that the merchant does not need servers to maintain data for your data. Perhaps the cloud is safer than most servers.
  • It is presently offered in five languages namely English, Hindi, Gujarati, Marathi and Tamil.

One Size doesn’t fit all.

 

In a vast country with a lot of diversity, one package of services doesn’t help all businesses. I have listed down the tailor made plans, ePaisa provides to its customers.

 

For Retailers/Restaurants/Healthcare

Important tools for business ePaisa provides

  • Quicker Payment: – Payment can be accepted through all modes like cash, card payment, mobile wallets, Sodexo Coupons, etc…
  • Easy management of Store: – From payment deals to store inventory management (alerts for low stocks in the store) using home grown analytics software.
  • Loyalty Program Management: – By tracking the sales and regular customers on the store, the business owners can provide various types of offers and tailor made loyalty programs for their customers. This can be integrated with MailChimp which is leading email management software.
  • Digital payment receipts which is best for customers to keep track of their expenses and pay taxes to the government in the legal way.
  • The retailers can accept payments even when power or network connectivity is down. The payments done can be synced later when the network connectivity is restored.

 

ePaisa has developed the portal that is for all. From retailers to travel agents to institutions providing government services

ePaisa has developed the portal that is for all. From retailers to travel agents to institutions providing government services

 

For Travel and Transport/Logistics/Government services

Companies can provide feature driven travel/Cash on Delivery/flexible services to their customers through ePaisa

  • Accessible on any platform: The payment accepted can be tracked on any smart phone with iOS or Android Operating System.
  • Accept payment offline: – During travel if internet connection is lost payments can still be accepted.
  • Digital payment receipts which is best for customers to keep track of their expenses and pay taxes to the government in the legal way.
  • Maintain your monthly trips per vehicle viewable in all document formats (.xls, .pdf or Google Docs)

 

For Banks

Provide hassle free payment services to your customers

  • Low Establishment costs: – As I spoke in my RuPay post that Visa/MasterCard charge high membership costs plus the equipment to setup each POS terminal is very high. ePaisa has developed a fully certified and secured card readers (PCI-DSS and EMV) at the lowest cost in the industry.
  • Superior payment experience for customer’s utility bill payments recharges at a low cost.
  • No need to depend on power and network connectivity at all the times. They can sync all the data when network connectivity is restored.
  • The banks have the rights to decide the charges for their customers and no need to be dependent on ePaisa to set their terms for their customers.

 

List of products ePaisa offers

 

There are various products ePaisa offers

  • Card Reader
    • Light weight, portable and easily connected via Bluetooth over iOS and Android devices.
    • Secured with PCI DSS with EMV level 1 and 2
    • Encrypted card data
    • Long battery life

 

ePaisa has developed apps for all mobile platforms (iOS and Android) and a portable card reader

ePaisa has developed apps for all mobile platforms (iOS and Android) and a portable card reader

 

  • Inventory Management Software
    • Quick hassle free software setup
    • Easy management of product data (name, cost) and quickly accessible over search and barcode recognition.
    • Can check your stocks and awaited delivery of products (send and receive).

 

ePaisa works well on all platforms thanks to seamless Bluetooth connectivity and cloud integration.

ePaisa works well on all platforms thanks to seamless Bluetooth connectivity and cloud integration.

 

  • Applications on various platforms
  • This app is the main control centre for all your transactions done using ePaisa. It maintains your digital receipts, prints them, accepts payments and manages your inventory.
  • This service works offline when network connectivity is down which can be synced when the internet connectivity restores.

 

How does it work

 

This flow chart shows the complete working of ePaisa system.

ePaisa works seamlessly with all its features on place which is connected to a powerful secured cloud

ePaisa works seamlessly with all its features on place which is connected to a powerful secured cloud

 

Pricing

 

The services are priced at a very low cost.

The plan Suvidhaa which means convenience at Rs 299/- per month gives you all basic facilities like inventory management, app based system, real time reports, etc…

The plan Unnati which means growth Rs 499/- per month gives you the ePaisa’s well known customized (at your convenience)  loyalty program and the merchant can provide Value Added Services to their customers.

The plan Munafa which means profit at Rs 999/- per month gives you services like Marketplace Integration and Online Invoice leading to complete control over sales in your store.

 

This information is completely researched from www.epaisa.com and some of the articles written on ePaisa by leading e-newspaper Journals.

 

Hope you people liked this article. I wish ePaisa all the very best for their growth.

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