Financial tech firm PayCraft forays into Middle East and North Africa region

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, the statement added.The Mumbai-headquartered firm provides for banks and public transport operators and it currently manages approximately 7 crore cards on its card issuance and management platforms for both prepaid and debit cards, the company said.


PTI | New Delhi | Updated: 17-11-2021 13:15 IST | Created: 17-11-2021 13:15 IST
Financial tech firm PayCraft forays into Middle East and North Africa region
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Financial technology firm PayCraft on Wednesday said it is foraying into the Middle East and North Africa region as part of its global expansion.

The company has developed customised solutions in accordance with the guidelines set by the Central Bank of UAE and the Ministry of Labour, to revolutionise the process of digitizing payroll card processing systems in UAE with the introduction of WPS payroll card, PayCraft said in a statement.

The WPS is an electronic salary transfer system that enables organisations in the private sector to pay employee's wages through contracted banks, exchange houses or any other financial institution approved and authorised by the Central Bank of UAE, it added.

Commenting on the footprint expansion, PayCraft Co-founder Ravi Jain said the company 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.

''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,'' he added.

In India, the company said it works with leading banks such as SBI, ICICI, AXIS, HDFC to enable digitalisation of small ticket payments in the transit sector. It also works with corporates for digitisation and management of the travel and business expenses of corporate employees.

PayCraft said it is also working closely with fintechs and large conglomerates in Africa to build the 'Africa Payments' stack.

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, the company added.

''This will provide seamless payments to millions of unbanked 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,'' the statement added.

The Mumbai-headquartered firm provides for banks and public transport operators and it currently manages approximately 7 crore cards on its card issuance and management platforms for both prepaid and debit cards, the company said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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