Overview
Credit card bill payment is one of the big problem statements for most of the users and that is why companies like CRED are in demand and have a huge customer base who are engaging on their platform. However, there are still a few gaps that we need to address, for instance, what if we want to pay our credit card by visiting any merchant outlet across the country and make the payment, or what if I wish to pay using cash. That’s the gaps we are trying to solve and fill in with our One Shot Credit Card Payments. There’s a huge opportunity with this product and we will be the first one to launch this and offer this to the network.
Goals
- Capture the untapped segment of Credit card bill payment (especially the one who is not digitally equipped).
- Provide this API to every stakeholders so that they can actually increase the penetration of Credit cards as well.
Specifications
As soon as a customer visited the nearest merchant of an API Partner who have integrated our Credit Card Bill Payment API then their network base have to enter the following information on the frontend UI or these are the information that they will pass it to us through API and will pass this information to the Yes Bank are as follows:
Point to keep in mind while implementing the API
- Mobile Number (This number should be OTP verified We can add a sub message related to this as “We urge you to enter mobile number which is linked with you credit card”)
- Credit Card Number (This we cannot capture and can be stored as masked with the logic of <1st four digit> XXXX XXXX )
- Per transaction limit is Rs. 49,999
- Monthly payment limit on your credit card is Rs. 3,00,000
Commercials / Slab or Flat Wise Details:
- Upto Transaction value of Rs. 5,000 - we will charge a flat Rs. 20 + GST
- More than Rs. 5,000 - we will charge 0.4% of the transaction value + GST