Paycraft Accelerates Growth with Foray in MENA Region

Paycraft goes global with setting up operations in UAE and shortly in Africa to service their strategic clients in the region.

Paycraft has fast emerged as a leading fintech which provides cutting edge solutions in payment processing and end to end payments solutions. PayCraft has built domain expertise and deep insights to handle both Offline and Online Payments on a single instrument. With its Form Factor Agonistic Issuance and acquiring platforms Paycraft services wide varieties of New age fintech’s and traditional payment ecosystems very seamlessly.

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PayCraft works closely with leading banks like SBI, ICICI, AXIS, HDFC to enable digitalization of small ticket payments in the Transit sector in India. It also works with corporates to digitize and manage efficiently the travel and Business expenses of the corporate employees.

Paycraft currently manages approximately 70 million cards on its card issuance and management platforms for both prepaid and debit cards. PayCraft platforms have managed over 100 million EMV offline transactions in a very short span of time. All PayCraft platform are propriety and build in house Built in-house by a strong technology and development team. The Issuance, Acquiring, Automatic Fare Collection Systems and digital QR platforms which powers the digitalization of transit ticketing payments are capable of handling both Offline and Online Transactions & Manage fungible balances seamlessly.   PayCraft works closely with International Card associations including Master Card, VISA, Rupay and Mercury for developing and running unique payments use cases.

Speaking on the expansion, Mr Ravi Jain, Co-founder of PayCraft said, “PayCraft is one of the pioneers in digitising small ticket payments in transit sector in India. The expertise gained over the years while servicing leading banks in India helps us to develop customised solutions which solves various pain points for clients across the globe.

PayCraft is working closely with various fintech’s/payment service providers in UAE to power unique payment solutions in the region. PayCraft provides its prepaid card issuance solution and corporate payments suite with its business expense management platform to users in the Gulf Region. PayCraft is actively looking to expand its existing footprint in the Gulf Region by partnering with various issuers to provide cutting edge solutions to help users with small ticket size payments both online and offline for bus and metro services along with retail payments.

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PayCraft has developed customized solutions in accordance with the guidelines set by the Central Bank of UAE and to Ministry of Labor, to revolutionize the process of Digitizing Payroll Card processing systems in UAE with the Introduction of WPS payroll card. The WPS is an electronic salary transfer system that enables organizations in the private sector to pay employee’s wages through contracted Banks, Exchange Houses or any other financial institution approved and authorized by the Central Bank of UAE.

PayCraft is working closely with fintech’s and large conglomerates in Africa to build the Africa Payments stack. This will provide seamless payments to millions of un-banked and underbanked masses with easy to use, intuitive payment solutions. The objective of providing these solutions to various players in Africa is to help them enable seamless digital payments for many first-time users and the under-banked.

Paycraft is creating seamless payments solutions focussing on the pain points of logistics operators and supply chain companies by providing an all-in-one card solution for truck drivers in the African Market.
PayCraft has been achieving consistent growth in number of transactions and gross transaction value handled by their payment platforms. The international expansions would further scale up these numbers multifoliate aims to handle USD 10 billion GTV of payment transactions.

PayCraft is a Fintech company founded in 2013 with an aim to enable and ease urban mobility. Paycraft is head quartered in Mumbai with operations in both Pune and Bangalore. It is one of the leading solution providers for Banks and Public Transport Operators. A home grown MSME and one of the pioneers in implementing Offline / Contactless payments, PayCraft is one of the preferred partners for implementation of the open loop payment solution which combines the technologies for Retail and Transit / Offline payment worlds to enable multi-party digital ecosystem. Paycraft has built three platforms viz a is a cloud hosted payment platform, an automated fare collection platform and a digital QR platform.

Through the payments platform PayCraft offers a range of card management solutions for the banking and payments industry. It is the SaaS offering of PayCraft which helps institutions like Banks, Merchants, Fintech Aggregators, Transport & Toll Operators etc. to setup a card issuance solution with quick time to market. The solution provides an all-encompassing capability available on cloud or on premise for clients to choose and pick from options and features. PayCraft has built Common Mobility Card Solutions and unique platforms for offline and online transactions on Debit & Prepaid Card instruments and are able to successfully manage 65 million Cards on the Card Management platforms including NCMC & Mastercard M/Chip Advance issuance and acquiring and have processed more than 100 million EMV offline transactions.