PaypointZ wallet – New buying power in your hand

Pay Point India offers a digital wallet to both enterprise and retail customers to experience a bouquet of products and services on their mobile handset, making their life more convenient and in control. The company launched its one of the prime service ‘PaypointZ Wallet‘ on 19th March, 2014 allowing individuals to perform e-commerce transactions on their handset. Modi Govt. is aggressively pushing forward mobile banking and transaction under Financial Inclusion Program. (Aug 22, 2014 – Times of Indiia)

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What is PayPointZ?

PaypointZ is an innovative platform, providing consumers a comprehensive usability for almost all purchases and payments across all portal including Web, Mobile, and Near Field Communication (NFC). It is a pre-paid payment instrument for which the company has received the Certificate of Authorization under the Payment and Settlement Systems Act (PSSA) 2007 for Setting up and Operating Payment System. The PaypointZ wallet management system complies with PSSA2007 guidelines.

PaypointZ : Need of the Hour

Due to customer demands for convenient payment systems, a multiple point payment instrument  is the need of the hour. Payment through cash is still predominant in many regions in India with low penetration of banking systems.

  • As per Reserve Bank of India (RBI), 67% of transactions in India are done in cash.
  • Almost 58% Indians are Unbanked/Underbank (not reachable by banking system).

There is huge potential to convert the cash-based transactions to non-cash payment modes. This will also promote the “Go Green” initiative with less paper usage.

High Tele-Density

With the increasing number of mobile user in India in last few years, mobile device has been identified as a suitable platform for accessible, secure, safe, and fast mode for financial transactions.

  • There are over 90 crores mobile subscribers in India.
  • The overall Tele-density in India increased from 74.02%(December 2013) to 74.50%(January 2014).
  • There has been an increase in the customer registration for mobile banking.
  • The mobile payments in 2012-13 have reached 53.30 million in volume terms and `59.90 billion in value terms.*

Thus, mobiles provide a single instrument for various financial transactions like payments of utility bills, insurance, recharges, travel bookings, taxes, etc.

Changing Trends

Changing trends have shown that there is evolution of mobile use from voice & text to Internet based applications. Consumers interest is trending from networking, gaming, and entertainment to shopping and now towards payment transactions. There was an increase in the non-cash payments in FY 2011-12.

Support from Regulator

RBI is now encouraging electronic payment systems to boost safe, efficient, accessible, and authorized payments. RBI has:

  • Provided relaxation in Mobile Banking and Prepaid payment instrument guidelines
  • Issued the guidelines for prepaid payment instruments to promote cashless transactions and use of mobile wallet and banking
  • Introduced Payments bank for rural penetration and Financial Inclusion

All the above initiatives will result in deeper recognition and penetration of non-cash payment modes. 

Objective

Pay Point India Network Pvt. Ltd. aims to reach the masses through simple and secure digital mode as ‘PaypointZ wallet’ which address the needs of customers by providing ubiquitous service that delivers values, empowers lives, and improves opportunities.

Benefits and Features

Pay Point Team created a unique service hub within its existing system which offers single window services, like – Utility Payments, Recharges, Travel Bookings & VAS. To facilitate the smooth service for PaypointZ Wallet holders, Company has opened an escrow account and settlement with Nodal bank and set-up distribution network across the country.

PaypointZ can either be purchased from one of its website, retail outlets, and associate partners spread across the country. PayPointZ can be loaded / refilled through the same channels and can be used at various signed up merchant points / websites of Pay Point India. It has two sets of Wallet ;

  1. Easy KYC : It can be availed over the counter by providing minimal details like Name & Mobile no. of customer.Customer is allowed to load & purchase upto Rs. 10,000/- of value per month.
  2. Power KYC : It requires furnished detailed KYC documents of customer like valid ID & Address proof. Customer is allowed to load & purchase up to Rs.50,000/- of value at any point of time.

Application Process :

Any Indian above 18 yrs of age can get this, PaypointZ wallet can be availed without fee from –

  • Pay Point India retailer outlet
  • Website cashcard.paypointindia.com

After getting the wallet unique number, you can Top up the amount through Pay Point India retailer. PaypointZ can be used as a payment option to buy goods / services online and at retail stores. You can also transfer money to your peer’s PaypointZ wallets or bank accounts located in India.

Transactions are settled on a real-time basis while financial settlement happens in next 2 working days. Account validation, balance and transaction alerts at all level ensure multi-level security of PaypointZ wallet.

*As per the “Payment Systems in India: Reflections on some recent trends and future challenges” seminar addressed by Shri. Harun R Khan, Deputy Governor of the Reserve Bank of India in September 2013.