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Paycraft announces expansion plans with foray into MENA Region

By Leandra Monteiro

November 17, 2021

  • Digitizing Payroll
  • FinTech
  • India

PayCraft Paycraft, a FinTech which specialises in payment processing and end to end payments solutions 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.

PayCraft works closely with 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.

Speaking on the expansion, 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 payment service providers in UAE to power 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 solutions to help users with small ticket size payments both online and offline for bus and metro services along with retail payments.

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.

Additionally, 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.

It 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 and enable the company to handle USD 10 billion GTV of payment transactions.

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