Stockholding Corporation ties up with Payoye to enable QR code based payments

PUNE: Stockholding Corporation of India has tied up with unified payment platform Payoye to allow QR code based payments for its DEMAT account holders.

Stockholding is a government company, a subsidiary of IFCI, and is a market leader in providing financial services for over 26 years, with assets under custody of Rs 30 trillion.

With this association, Payoye will incorporate it’s ‘Oyetag’ or QR code in all bills, which can be scanned by the customer via the Payoye app and can be paid immediately or saved for later.

The QR code based system allows customers to pay via credit/debit card, net banking, e-wallet or IMPS. Stockholding is the first organisation to tie up with the startup to facilitate payments in this manner starting this month.

Given that the process is independent of any other hardware requirements or software integration, it is easy to use and accessible to a wider number of people.

It also has six layers of military standard encryption, which keeps the user’s sensitive information safe.

Stockholding is promoted and owned by leading financial institutions in India like IFCI, SU-UTI, LIC, GIC, NIA, NICL, TOICL and UIC.

It provides a range of services like demat, e-stamping, and distribution of loan and investment products.