Online Payments have always been an issue in the Indian context. The complex rules and the hassles ensure that getting payments is always a mess. For startups offering a product with an online purchase or one involved with recurring costs like the subscription model is a huge challenge.
Bangalore based FortunePay is offering a comprehensive solution to help with the payment hurdles for the enterprises typically targeting merchants belonging to the category B & C who fall in the range of 2 Lakhs to 10 Lakhs per month. Co-founded by Manju Murthy who who has more than two decades of experience in the domain.
Launched at UnPluggd conference, FortunePay emphasizes on their presence between banks and the end consumers. The end users needs to be in touch with FortunePay who provide their services for the payment services to the enterprise and takes care of the approvals from the banking sector which itself is highly regulated and controlled in India.
Funded by Kae Capital and Bessemer Venture Partners, FortunePay is an end to end payment platform and their product offerings make the electronics pay cheaper and user friendly. Targeting the startup community many of which now offer SaaS based service for their product, FortunePay typically charges a small percentage of the transaction. Their offerings are divided into the major verticals called the Paavati Platform, Paavati Gateway and the Mobile POS.
The Gateway for instance provides the complete payment solutions in the form of payment SDK, recurring payment, PCI certification, integration with the payment schemes and support for multi factor authentication. The mobile point of sale is another interesting offering. Similar to Square, these are small attachments for the audio slot which help make face-to-face payments on the go. Available for multiple platforms especially Java or Android due to their low cost entry, merchants get on board with FortunePay to use it for their payment processing using mobile devices. FortunePay on its part has the required approvals from the bank and has partnered with ROAMData and Anywhere Commerce to make this a reality.
As we move towards a cashless future, FortunePay makes more and more sense. Targeting the verticals of Banking & Financial Services, ecommerce and retail stores FortunePay has a number of things to be announced in the coming months. We should soon expect to see door-to-door retailers ranging from the likes of mobile service providers to insurance agents using the service and making our experience as seamless as possible.