Zaakpay, a digital payments startup has launched an ePayments service, which, at the moment, is more or less like an online money transfer, supporting only inter-bank payments. However, the company plans to extend it further and release an API, around June-end, so that e-commerce merchants can integrate it as a payment option. It also intends to launch a payment gateway product by the name of 'Webpay', by August, which will integrate credit and debit cards. In addition to this, it also plans to introduce payments by SMS and IVR. Inter-bank Payments The company has tied-up with around 90 Indian banks, to enable individuals and businesses to send and receive payments from various banks through the service. After registering for a Zaakpay account, users need to link their bank account with it. The service moves money from the sender's bank account to the receiver's Zaakpay account. It sets a 3 day default limit, for users to retain money in Zaakpay, after which it is automatically sent to their bank accounts. This limit exits because RBI Regulations, instituted a little over a year ago, allow retention of cash for a maximum of 7 days. Why A Physical Verification? Presently, the process of linking one's bank account to Zaakpay involves downloading a verification form from the site, filling it up, going to the bank, get signatures and stamps from bank officials and upload it to the site, where it is manually verified, before being approved. Although the process tries to make the service…
