Since Paypal wasn’t transacting in Indian currency, the RBI made life difficult for them.
PaisaPay works like PayPal but is still operational and thriving. How are they doing it? [PaisaPay is now wholly owned by Ebay India}
What I am trying to understand is, How is PaisaPay making it work? Anyone here from the payments industry would like to help out.
The reason I want to understand this is because we are setting up a company like BuildABazaar/Ebay which will allow vendors to set up shops and sell their goods. As per what I was told by ICICI and Citibank, they wont process payments for me if I do this (Accept payments on the vendors behalf and then disburse them myself).
I also spoke to 3rd party payment gateways (CCAvenues/PayTM/PayU etc), they said they would require me to register every vendor with them individually ( which is great, but doesn’t work for us because every vendor has to submit documents and get them verified and can start accepting payments after 7-14 days).
PayPal / PaisaPay on the other hand let me set up vendor accounts almost instantly (by verifying using credit-card + Bank Account). In our business model, time to market is very important (I am not saying security isn’t).
The answer could be right in front of my eyes, invisible to me, any Ideas on how I need to look at this differently to figure out a solution?