PhiCommerce: Revolutionizing Digital Payments in India’s Omnichannel Landscape
PhiCommerce stands as India’s leading comprehensive payment platform, supporting payment methods across online and offline channels, and empowering businesses to modernize their payment processes, Jose Thattil ,CEO & Co-Founder, PhiCommerce share more insights on the same.
- What has been the journey of the digital payments landscape so far? What has been your contribution?
The digital payments landscape has come a long way, evolving with regulatory changes and technological advancements. However, the payments processing scene is fragmented, with various platforms handling different payment methods. Phi Commerce was conceived with a vision to bridge the gap between online and offline payments, serving as a one-stop solution for enterprises.
Today, PhiCommerce stands as India’s leading comprehensive payment platform, supporting payment methods across online and offline channels, empowering businesses to modernize their payment processes.
- What is the concept of omnichannel payments, and how does it differ from traditional payment methods in India?
Omnichannel payments integrate payment platforms across in-store, online, and mobile channels, ensuring a consistent and flexible experience. Customers can choose their preferred payment method, and businesses benefit from a single view of all payments, real-time data insights, adaptability to trends, and enhanced customer satisfaction. It’s a narrative of modernization and convenience.
- Why is omni channel important? How does it benefit a typical business?
Imagine a business story where every interaction with customers feels like a well-crafted chapter that keeps readers engaged. That’s what omnichannel payments offer. They enhance the customer experience, boosting satisfaction and loyalty. With diverse payment options, businesses can attract a wider audience and increase sales. It’s not just a chapter; it’s a whole book of benefits, including improved efficiency, data-driven decision-making, a competitive edge, and adaptability to evolving trends.
- What features and tools does PhiCommerce offer to help businesses manage multiple payment touchpoints and elaborate on the unique features or benefits of payment solutions that cater specifically to the Indian market?
PhiCommerce’s omnichannel payment platform is designed to provide a superior payment experience for businesses. Our platform supports a wide range of payment methods for both online and offline transactions, streamlining the payment process. We offer flexible integration with existing ERP systems, reducing complexity. PhiCommerce simplifies payment disbursement and enhances operational efficiency. The platform is scalable, capable of handling transaction surges, ensuring business continuity. Additionally, we provide tools for loyalty programs and unique payment functionality, catering to diverse business needs.
- How can businesses ensure the security of digital payments in the Indian market, considering the prevalence of cybersecurity threats?
In the ever-evolving digital landscape, securing digital payments is paramount. To achieve this, businesses should focus on selecting secure payment gateways with strong encryption and compliance with industry standards. Additionally, practices like tokenization enhance data protection. Adhering to data security regulations and employing secure technologies like SSL encryption further fortify defences.
- What are the typical onboarding and setup processes for businesses interested in using your digital payment solution in India?
PhiCommerce follows a streamlined onboarding process aligned with RBI guidelines. It begins with mutual agreement on service scope and terms. Subsequently, we collect KYC documents as per compliance requirements, with a dedicated risk team conducting thorough checks. Successful compliance leads to integration with the merchant’s systems and relevant testing. Once integration is complete, the merchant can start using our payment solution. Throughout, we maintain high service standards, provide proactive support, and ensure regulatory compliance for a seamless onboarding experience.
- How do you address concerns related to digital payment acceptance in rural or underserved areas of India?
PhiCommerce was the among the first to facilitate digital payment adoption in rural and underserved regions through Aadhaar payments, even without smartphones. Merchants can capture fingerprints using Aadhaar-enabled devices, allowing customers to make payments by providing their Aadhaar number, selecting a bank, and completing biometric authentication via fingerprint—without needing PINs or OTPs. This device-less payment solution encourages digital transactions in areas with limited access. Our efforts extend to empowering individuals in these regions to transition to digital payments, reducing reliance on cash and traditional payment methods, even in areas with unreliable mobile internet connectivity.
- What is the volume of transactions that your product is currently handling and what is the maximum it can be scaled to?
Our platform has been benchmarked to 5000 transactions per second. It is designed to be highly scalable, and its capacity can expand to accommodate virtually unlimited transaction volumes, ensuring that it can meet the growing demands of businesses and adapt to evolving market needs effectively.
- Who all have you partnered with so far and what has been the experience?
PhiCommerce is a proud payments partner to several large business enterprises across the country and of several leading banks and financial institutions. Large businesses and institutions who have a need to process payments across diverse channels and who value stability and scalability in their payments platform have seen a marked increase in customer satisfaction and overall efficiency of operations given the seamless friction-free nature of our platform.
