PayCraft Solutions: Revolutionizing the Way You Transact

P.T.Suresh & ,Co-Founders  & Directors

P.T.Suresh &

Co-Founders & Directors

Tech-innovations are often mirage becoming a reality. Have you ever daydreamed about a wearable that transits you seamlessly into aMovie Theater, Bus, Metro train, Stadium or other similar check points in a jiffy? Fantasies once seen in sci-fi movies like Spy Kids or Iron Man series are now stark realities of real life. ‘Amazon Go’ grocery store in Seattle which replaces cashiers with automation & AIwas one such dream coming true for the entire world. But imagine if an entire city becomes something like ‘Amazon Go’!An Indian ITES start-up company has astounded the payment world with a payment product which can do all this by integrating offline payment system with the traditional online payment world of financial institutions.

PayCraft Solutions. a Mumbai based company focuses on carving ‘extremely smart cities’ within the smart cities in our country by focusing on bringing in such payment products aimed at Banking, Transit and Toll industry. Though niche and specialized, it is amazingly simple to use from a user perspective and addresses every day journey of common public in large cities as well as highways. Starting with the first leg of your public bus or private vehicle journey from home to the next leg of parking and or interchange on metro rail or BRTS, to the last leg of a bus journey to the work place interspersed perhaps with daily shopping need or public utility payments, get ready to transact in milliseconds with your wearable or gadgets – just flash and move ahead. It’s time to forget queues, cash handling hassles and likely delays.

With a vision to usher in inter-operability of payment media to access public transport in cities by the citizens, Govt. of India has been promoting the National Common Mobility Card (NCMC) standards for adoption by Public Transport Companies in India. After certain trails and errors, the Govt. finally decided to adopt open payment standards of Banks which are accessible to all payment instrument issuers and acquirers. The National Payment Corp. of India took the initiative and published the offline payment standards that other payment schemes like Master Card, VISA etc. too can adopt.

PayCraft has been a preferred partner for consulting, services and products to support the conceptualization, development and implementation of the open loop specs for card based payments in transit and toll space. Along with other participants like NPCI, Axis Bank, KMRL, ICICI Bank and BMTC, PayCraft today plays a significant role in supporting the roll out of the EMV based open loop payments system for mobility across mass urban transport and metro plans.

The Three Hats – Consultancy,IT Solutions & Managed Services
PayCraft has an amazing build out story to convey. In a short span of time the company has carved a niche for it self starting as a Consultant and domain specialist and then branching out to developing IT based Solutions & finally offering IT based platform services on cloud to clients. “We have been able to wear these three hats effortlessly as an organization because our ability to build a team of cross-functionally excellent people”, says P.T.Suresh, who along with Ravi Jain, founded PayCraft and manages it.“Our success so far is due to the fact that between me and Ravi, we have been able to tie several silos of business development expertise together, create synergies, and then lead people who will put their plans into action”, continues Suresh.

PayCraft has been a preferred partner for consulting, services and products to support the conceptualization, development and implementation of the open loop specs for card based payments in transit and toll space

The strategy has worked well and by deploying technologies using EMV and NFC standards on card and mobile, PayCraft has been able to carve a niche for themselves in the payment world. The approach of PayCraft has been to hand holding client from strategies and business plans to systems that need to be deployed and maintained to support the business. This is reflected in PayCraft being a preferred partner for payment solutions to global/domestic payment schemes, banks, transit agencies, card & terminal OEMs, global consulting companies, payment processors, government agencies,e-toll collection players, and payment processors. “Our current solution suites are bestowed on extremely flexible business models where in many cases we even invest in the technology side of client’s own business model and offer revenues linked business generation,” adds Angaj Bhandari, the Chief Business Officer who considers PayCraft the pioneer in India for having designed & implementing the unique offline and online payment system on a single platform.“Despite just playing the technology/advice provider role, we address end-to-end client requirement ranging from understanding market to designing of products/processes, providing robust IT platforms, project management and much more,” adds AmulMutha, the Chief Technology Officer from PayCraft.

PayCraft’s highly customizable IT solutions facilitate any thing from Card Management Systems (Prepaid/Debit & Credit) to Automatic Fare Collection (Open & Closed Loop), Intelligent Transport Management System (ITMS),Card & Terminal Kernel solution, Mobile Wallet solutions, Fraud Management System, Instant & Central Personalization solutions, Loyalty solution, EMV Migration solution, and NFC Mobile payment solutions (including TSM solutions). Besides leveraging on an experienced team of dedicated professionals, PayCraft has invested heavily in IT infrastructure also which forms the backbone to
host IT solutions on a platform, either on cloud or at client’s premise. Thus, with a flexible business model and an impressive list of products to boast with, PayCraft can provide financial transaction services to the Banking world, Public Transit and Toll industry – which are actually lynchp in use cases of smart cities in B2C transactions.

Extreme Assistance

Wearing the consultant hat, PayCraft guides clients from conceptualization & product development to technology selection, implementation, testing, technical documentation, vendor selection process etc. depending on the need of each client. “Based on the industry, our experienced senior consultants augment value by evaluating and carrying out necessary course corrections if required to the client’s strategy, business plan and implementation model,” adjoins Ravi. This sort of approach is nothing but extreme involvement in client Support in critical and often projects of National importance. This has resultedin PayCraft principal consultants playing a vital role in changing the game for many of the renowned Financial Institutions, Card Payment Schemes, Payment Processors, Transportation Companies (Metro, BRTS and many more), and Electronic Toll Collection (ETC) Companies.

En Route to Future

Though the company was formally established as PayCraft in 2013, the founders and key senior management personnel bring in considerable and key experience and skill sets gained from earlier stints in the corporate world and consulting organizations focused on Cards & Payments industry.
Suresh and Ravi are of the opinion that in today's complex new economy driven by knowledge and systemic innovation, their role requires them to be more like a business architect, who can take a systems view of a business and build synergies.They firmly believe that to build a winning synergistically integrated organization, they need to tie several silos of business development expertise together, create synergies, and then lead people who will put their plans into action.It is with this vision and strategy they have defined their roles by leading business innovation, designing a winning business model and build a sustainable balanced business system for a lasting success of PayCraft.

Manifested as one amongst the best startup workplaces in our country, the company offers the right opportunity with industry comparable remuneration and growth opportunities to its compact & dedicated team. “We hire only the brightest, passionate and motivated engineers to work alongside our managers and other experienced executives,” concludes Ravi. Going forward, with the government emphasizing more on digital payments PayCraft is pressing its footprints to revolutionize the way we transact.

Key Management:
P.T.Suresh, Co-Founder, Director
Ravi Jain. Co-Founder, Director
Offices: Mumbai (Headquarter)