Indian Payment Processor - Similar to PayPal

Hi
I am planning a online payment processor, where one Indian resident can do a fund transaction with another Indian resident using his debit card, credit card and net banking.

All the transactions would be in Indian Rupees only and only one account permitted per person. You can use funds received in your account to send payments to another member or use it for buying products/services. You can withdraw the funds to your bank account. Sending money would be free, though you may have to pay a transaction fee for receiving funds. Withdrawing the funds to your bank account would also be free.

You can also use the site as a merchant. Simply generate codes from your dashboard and paste it on your website and you can start accepting money from your website immediately.

A large no. of people in India are engaged in selling their services; article writing, search engine submission, back links, web designing and so on. Most of us use paypal to accept payments. The problem with paypal is you cannot accept payments from another Indian resident and thus online bank transfer is the only way out which is time consuming. Many of us sell products, like new and used mobiles, and again online bank transfer is the only option. Selling products or services to a foreign national is easy in Paypal. This site will try to address this anomaly and can be used as a single method for sending/receiving funds.

As of now, no such payment processor exists. If you know about such a processor, kindly post your views. The payment gateways like ccavenue, payseal, UBS etc can be used for merchant purposes only, and need lot of technical expertise. Also they can be used only if you have a full functional website listing your products. They cannot be used for buying or selling individually. The funds received using those services cannot be used for making payments. In fact you get those payments only weekly, fortnightly or monthly (based on your transactions).

Would you be willing to try it out? Please let me know if you would like to include any more features so that they can be incorporated now itself as including them later on may be slightly difficult.

Would be grateful for your comments and suggestions.

 

Had this idea past couple of months. Definitely helpful. good luck pandeyji. will love to see a low fee model as u suggested.

when u say u can transfer money using online banking (one user to another), its always NEFT. With NEFT, its bound to take time. Only cc and dc can do fast payments.

 

The idea is to combine the features offered by ccavennue and paypal into one, and present a comprehensive solution to our needs. Can you suggest what features you would like to be included in it?
And may I ask, why did you drop your idea?

 

I dropped the idea out of perception, like licenses requires and such. unless we can lower our fees (which none of others do after startup), its pointless. People will only opt our service if we can provide them damn cheap services. Plus any business runs with capital and quality people, and so does this. Its not cheap to maintain them either. You need to see what volume of business (money) can be conducted in india that u can afford to stay afloat even with less fee structure.

That is why giants like paypal render merchant and ebay payment services, only freelance services will not cover ur targets.

 

You try carrying out a survey, how many people are willing for this and what amount of transaction will be expected in next 3 years using ur service. Its a cycle. Marketing sucks ur money (people need to trust ur service, only DP guys cannot run ur service) and u recover ur money by adding more fees.

Although, i very much support ur idea and would love to be a part of it in any way possible.

 

Providing merchant services would be an integral part of it, without it is not possible to sustain.
Any member would be able to generate codes from within his account and use it on his site.
Additional services like using ebay would come later on once the site is up and running (offering services to eBay is not possible because they use Paypal and both companies are one only). But other sites can be considered definitely.

 

good luck. let me know if i can help. How do u figure out licenses with RBI?

 

what do u think of payupaisa ?

 

Am working on it. Have already approached them and hope to get an update soon. I had approached the local branch here but they suggested that I approach their Mumbai office. Lets see.

It would help if you can message me a bit about your background and your expertise so that I can consider your contribution later on.

 

It seems a good site. The problem is that you can use it only as a merchant.

 

I think you'll require permission from RBI under Payment and Settlement Systems Act, 2007

You'll need to explain them
- need of proposed payment system
- various technical standards
- design of proposed system
- risk management
- security measures, etc.
Cost of application is 10,000 INR + security deposit

We can only proceed further, once they grant permission

 

Thanks. I have approached DPSS at Mumbai explaining the proposed system, waiting for their reply.

 

Have you received any reply? Can you give us some update?

 

Yes
They have intimated that they cannot provide information like this because that would amount to providing consultancy which they cannot do. They will take a call in case an application is submitted.

are you also interested in this? If yes, in what way?

 

What about moneybookers and paypal? That is a really good idea you got there¨!

 

They operate in a different league and not necessarily a competitor.