“Phi Commerce: Redefining payments in India through innovative omnichannel payment solution”

“The Phi Commerce team has built a remarkable product covering end-to-end omni-channel payments at scale. Their technology solution is scalable across the globe and we are proud to partner with the Phi team in their journey." - Hero Choudhary, Managing Partner, BEENEXT
31 May, 2023

The digital payments ecosystem in India has been evolving rapidly, further accelerated since the onset of the pandemic. India has one of the fastest growth rates in the adoption of digital payments at 33 per cent in FY22 with over 7,422 crore digital transactions in 2022, as per the Ministry of Electronics and IT (MeitY). The rise of digital payments has paved the way for innovations in the ecosystem to make the process more seamless, integrated, and secure. Phi Commerce is one such company that is playing a pivotal role in innovating India’s digital payment ecosystem, setting itself distinctly apart from the ‘one-size-fits-all’ approach taken by several incumbent traditional payment platforms. 

A new-age digital payment solution company and one of the only 34 entities to be granted a Payment Aggregator and Payment Gateway (PAPG) license by the RBI, Phi Commerce uses an omni-channel approach to payment aggregation and processing to facilitate online payments across India. The PayPhi Gateway is an omnichannel, API-first digital payments enablement platform. The company provides a range of simplified solutions under the PayPhi Suite for merchants and businesses to overcome the challenges of legacy platforms and cater to their expanding business needs.

Building a unified payment experience 

To create a smooth payment experience for consumers, businesses, banks, and their networks, Phi Commerce built PayPhi Gateway, an end-to-end, unified, omnichannel digital payments platform. The PayPhi Gateway enables businesses to integrate collecting payments online, in-store, remotely, or at the doorstep across all acquiring channels and payment modes.

Other features of the platform include fast digital onboarding, API-based reconciliation of collections/settlements (gross, net & split) and special transactions (such as online refunds) accessible on real-time dashboards. This solution is powering the payment ecosystem for some of the largest enterprises in India including leading insurance, utility, e-commerce logistics companies in the country.

In May 2022, the solution was introduced across the airport ecosystem in Kempegowda International Airport, Bengaluru (KIAL) in partnership with its operator Bangalore International Airport Limited (BIAL) and Kotak Mahindra Bank Limited. This was a first-of-its-kind initiative undertaken by any airport across the country.

Redefining payments through the omnichannel platform at BIAL

The omnichannel Payment Platform implemented at BIAL leveraged PayPhi Gateway to eliminate the disconnect between the payment experience across the different channels while unifying all payments across the airport ecosystem.This helps BIAL to provide its customers with a rich seamless shopping experience.

Some of the benefits that the platform offers BIAL are better control over transactions, more transparency, running consumer-friendly, last-mile promotions and flexible management of the vendor ecosystem. Furthermore, the solution can be scaled to meet the growing demand of customers and vendors. For passengers, it offers a contactless shopping experience that supports multiple payment options including new-age payment methods across online and offline stores. It also allows them real-time access to earn and burn loyalty points.

Revolutionising India’s payment ecosystem one step at a time

Phi Commerce is a proud representative of the “Make in India” movement as the company has been instrumental in driving the digital payment transformation in the country.  Their PayPhi gateway powers the National Payment Gateway of India i.e the Bharat Electronic Payment Gateway (BEPG) of NPCI (National Payment Corporation of India; Rupay Network). Powered by PayPhi, BEPG has completed over ​​~120 mn transactions monthly across 500 mn RuPay cardholders.

And their solutions don’t just stop there. 

Some of the other solutions offered under the PayPhi Digital Transformation Suite include:

    • API-driven reconciliation: PayPhi is easily integrated with existing ERP, CRM, and accounting software to enable automated reconciliation without manual intervention. 
    • Doorstep payments: As an alternative to cash on delivery orders, PayPhi enables clients to pay digitally for the delivery of goods/services at the doorstep. It helps businesses address cash collection challenges and last-mile operations. 
    • PayPhi split collect: This solution offers consumers the flexibility to pay for a single high-value invoice by combining multiple payment instruments from credit cards to UPI. Furthermore, there is no limitation on the number of split payment transactions and the combination of instruments that can be used to pay for the invoice. The solution also allows the consumer to split and pay later at their convenience.
    • Tokenization: PayPhi is one of the first payment aggregators in the country to provide tokenization services (token requestor gateway service) to businesses and payment aggregators. This helps businesses and payment aggregators to offer an alternative to cards-on-file as mandated by the RBI. They are also the first payment aggregator in the country to be certified with NPCI (RuPay scheme) to provide these services.
    • PayPhi Subscriptions: PayPhi Subscriptions helps businesses to automate subscription plans,  generate invoices, and present invoices to their consumers, allowing them to pay digitally at recurring intervals without any manual intervention. 
    • PayPhi Payouts: This solution helps businesses manage the disbursement of payments at the click of a button. The platform acts as a one-stop solution for all payment needs of a business as it offers both payouts and collection services.   
    • PayPhi Credit: The solution helps businesses convert online and in-store purchases of debit card payments into installments.

Phi Commerce’s ambition is to redefine the boundaries of digital payment solutions by creating a robust and sustainable digital payments ecosystem for consumers and businesses across industries through a frictionless payment experience.

BEENEXT is proud to be a part of their journey in simplifying the Indian digital payments ecosystem, which is probably the most complex payment market in the world with its various form factors, through innovative solutions.