Real-Time Payment Solutions | QR Payment Solutions - Mindgate

Retail Payments

Secure Real-time Payment Solutions

Globally there is an uptick in the launch of the Real-Time Payment System, which is rapidly changing the way consumers transact using new-age digital channels. Mindgate Solution is a pioneer in the RTP & UPI space since its inception, processing 100 million transactions per day and over 2 billion transactions monthly seamlessly and securely.

Our RTP (UPI) Solution helps in facilitating new age real-time payments providing ease of instant transfer with the use of Virtual payments address (VPA), QR codes, or any other qualified account identifiers– coupled with solid end-to-end security & data protection.

RTP Solution platform provides API that can be consumed by delivery channels, participants’ payment gateway. This offers a white labelled standalone payments app (IOS and Android) along with SDK for integration with bank’s mobile app platforms.

The platform is built on a state of art technology framework and is optimized for high availability, scalability and facilitates launching various value-added services for all participants across channels with a quick turnaround time and with reduced TCO.

Key Highlights of the Solution

  • Message Orchestration with delivery channels
  • Messaging standard compatible with ISO 20022 Standards and other established specifications
  • Rest API based message interface
  • Micro services enabled architecture for scalability and flexibility
  • Cloud native solution
  • Powers P2P, P2M, and M2P payments and collections.

Key Capabilities

Single Mobile App for customers

  • Complete Dashboard to view balances.
  • Seamlessly transact across bank accounts.
  • Pay using VPA, QR Code, Account Transfer, Digital ID, or Mobile Number.
  • Request payments using Collect Transactions.
  • Dispute, Refund & Chargeback management.

Small & Medium Merchants

  • Standalone Merchant App (BQR based pay & collect, MVISA, MasterPass)
  • Web POS, Face-to-Face, POS.
  • Merchant Reconciliation, Settlements and Pay-outs.
  • Dispute, Refund & Chargeback management.

Large Merchants, Aggregators & Prepaid Wallets

  • Real-time collection request generation through web API’s/Mobile API’s/ Face to Face Payments.
  • Bank Mobile SDK bundled with Merchant App [Retail Chains].
  • Recurring and One-time Bulk collections (file Based) through bank channels [EMI collections, utility payments].
  • API Banking: Web APIs and SDK [Very Large merchants, Aggregators, Wallet Operators].
  • Merchant Reconciliation, Settlements and Pay-outs.
  • Dispute, Refund & Chargeback management.

Real-Time Payments

FAQs

1. What are real-time payments?

Real-time payments are electronic payment settlements that happen instantly, 24/7. Funds are get transferred from the sender’s account to the recipient’s account in seconds, unlike traditional bank transfers that can take several days.

2. How does real-time payment processing work?

Real-time payments transfer funds instantly between accounts 24/4 using dedicated networks and technology, bypassing the intermediate savings houses and the money goes directly into bank accounts unlike traditional methods which happens with batch processing.

The payers bank instantly initiates payment request to the recipient’s bank account instantly through instant/ real-time payment systems.

3. What are the benefits of using real-time payment solutions?
  • Speed & Convenience: send or receive funds immediately, eliminating waiting period for funds to settle.
  • Enhanced cash flow management: Access funds instantly, improving business efficiency.
  • Improved customer experience: Fast and convenient payment option is provided, boosting customer satisfaction & loyalty.
  • Wider reach: Send & receive payments across borders quickly and efficiently.
4. What is the difference between real-time payments and traditional bank transfers?
  • Settlement speed: Real-time payments are instant, while traditional transfers can take days.
  • Network: Real-time payments use dedicated networks, while traditional transfers rely on banking systems.
  • Cost: Real-time payments might have higher fees compared to some traditional transfers.
  • Multi-party model: Real-time payments offer the facility of leveraging payment processing from banks/ fintech/ PSPs enabling open banking.
5. How can businesses integrate real-time payment solutions?

Businesses can integrate real-time payments through APIs provided by either banks or payment service providers. This enables seamless integration into existing systems for easy adoption.

6. Are there fees associated with real-time payments?

In India, there are no charges to Individual customers who are transacting on real-time payments (UPI). For merchants there are no charges for transactions up to INR 2,000/-. With the introduction of Credit Card on UPI and more recently with UPI payments made from wallet (PPI), merchants are charged an MDR for transactions above INR 2,000/- These charges are expected to change from time to time.

7. What types of transactions are supported?

Real-time payments support P2P & P2M, various transactions like bill payments, e-commerce/ online purchases, and B2B payments. Besides, customer can use UPI to make payments for capital market use cases (IPO subscription, Secondary market share purchases).

8. What role do APIs play in real-time payment solutions?

APIs (Application Programming Interfaces) act as connectors between business systems and the real-time payment network, enabling smooth integration and automation of payment processes.