What do we do?
To answer that question quite simply, we as a company have currently set up a network (Remember .... we are Paytronic Network) of over 60,000 Merchants across India. These merchants have paid us money to become part of our network and continue to TRUST us with their money every day and use our electronic backend system to sell recharges. Our merchants are mapped under 400 plus active distributors in India. Thus we offer electronic payment options to consumers across India through our network of merchants & distributors.
What kind of electronic payment options? Credit /debit card payments?
At the merchant /retailer point, we accept cash from Consumers,( as India is a predominantly cash driven economy) who wish to buy prepaid recharges /top-ups for Mobile & DTH, after that everything in the chain is electronic. Prepaid mobile and DTH recharges are a 13,000 crores/month market (or over $ 2 Billion/month).
“At the merchant/retailer point, we accept cash from Consumers” Meaning??
At the Merchant/retailer end we offer, a Paytronic enabled SIMcard, which connects to our backend network using USSD. With the Paytronic USSD service now enabled at the merchant end , he /she can accept cash from the consumer for the prepaid recharge. Using his mobile phone & the Paytronic service that is enabled on this phone – punches in the end users mobile number and recharge amount , and within a few seconds the customer's mobile phone is recharged. It cannot get simpler than this!!!!.The beauty is that retailer just needs ONE SIMCARD WITH THE PAYTRONIC SERVICE ENABLED, TO OFFER PREPAID FROM ALMOST ALL TELECOM OPERATORS & DTH SERVICE PROVIDERS. ONE CARD DOES IT ALL!!!.
WE ARE INDIA'S FIRST & ONLY COMPANY OFFERING SUCH AN USSD BASED AGGREGATED PAYMENT SYSTEM.
What is USSD?
USSD = Unstructured Supplementary Services Data, which is a way to communicate on the Telecom operator's network that is super-fast, very reliable and 100% free for the merchant/retailer. USSD is service level request on a telecom operator's network and hence has one of the highest priorities on their network.Anyone who has used a prepaid SIMcard on any GSM operator's network has experienced USSD. Do you remember checking you prepaid SIMcard balance? usually you dial a *121# or a *111# or something similar based upon your operator network. 9/10 times you get a quick response telling you your balance. The system works even if your balance is zero , all you need is that your phone be active on the telecom operator's network. No money is deducted from you (end users) when you check your balance or use the USSD service of the telecom operators.
"To be a catalyst for the conversion of the cash economy into electronic transactions in India and globally."
"Build India's leading payment network and offer the lowest cost and quickest means for businesses to accept payments from their consumers."