FAQ on IOB PAY

1.What is IOB Pay Product of IOB?

lOB Pay is an integrated online payment system which offers fee payments, merchant payments, donations for charitable institutions etc. It is an easy and effective way of collecting payments by the merchants.

2. What are the Key Features and Prerequisite IOB Pay Product of IOB

• lOB Pay is targeted towards enabling online payment collection of different type of merchants with or without merchant's website.
• Merchant need not do any technical changes at their side as all the data related to online payment transactions will be captured at lOB end itself.
• Customer can do online payment using any digital mode using their smart phone or computer etc.
• Time saving and Cash less transaction
• Easy reconciliation to Institutions.
• Funds will be settled to the settlement account of the Institution as per the settlement cycle agreed at the time of integration.
• Institution can download the reports of fees collected using their lOB internet banking login.
• No integration charges or annual maintenance fees will be collected from merchants integrated with lOB Pay.
• Merchants should be a customer of our Bank with proper KYC compliance and as per AML guidelines in force.
• Merchant must be registered with our Internet Banking Corporate log in facility.

3.Who are the Target Groups for IOB Pay Product?

Type of category of merchants under IOB pay

• Government Services
• Educational Institutions
• Charitable Institutions
• Commercial Services.

4. What are the types of integration and procedure for the IOB Pay Product?

Two types of integrations are available under lOB Pay.

• Standalone Services: If Merchant / Institution is not having their own website and technical team (Through lOB Website)
  • Complete integration will be handled by our Bank.
  • Bank will provide complete data management facility and lOB team will incorporate all the merchant's required field details at our lOB Pay web page.
  • Customers of merchants who is paying fees to visit https://www.iobnet.co.in/iobpay/entry.do
  • Direct URL can be shared with Merchant and Hyperlink of direct link can be given by merchant at their website.
• API Services: This service can be enabled only for merchant who is having their website and technical team.
  • This type of integration is only for routing the online transaction and Bank will not handle any data of merchant.
  • API services will act as an online platform for debiting the online transaction amount.
  • API services will be procured by the merchant who can handle their website at their end. For example, college/institution will have their technical team to handle their student database at their end itself.
  • lOB team at RO/CO will co-ordinate with the merchant technical team for integrating lOB Pay configuration and end to end testing etc.
  • All modes of payments will be supported as per the requirement.

5. What are the Payment Modes and Transaction Charges in IOB Pay Product?

The below mentioned payment modes are supported currently for online payment.

• lOB Internet Banking
• Other Bank Internet Banking
• Debit Cards
• Credit Cards
• UPI Payments
• E- Wallets

All the payment modes will be enabled through lOB Payment gateway or through third party aggregator.

6. What are the guidelines in regard to IOB Pay Charges?

Aggregator and MDR charges will vary as per the type of merchants and mode/channel of payments respectively. MDR charges will be collected as per the regulatory guidelines.

7. Tell me about transactions Reports and Settlement of Transactions in IOB Pay Product.

• Merchant and Branch can download reports at their end by using Internet Banking Corporate login under utility Payment/Receipt section (https://iobnet.co.in/ibanking/corplogin.do →Utility Payment/Receipts → lOB Pay Report).
• Transaction report will be updated on real time basis.
• Collected funds will be settled to merchant account as per settlement cycle. At present all collected funds are settling to the settlement accounts on T+ 1 Working day basis.