(Last Updated On: March 20, 2018)
“…African partners are very interested in embracing NFC- based innovative mobile payments solutions,”iKaaz CEO.
Bangalore-based mobile payment platform, iKaaz has launched Android app, MOWA Mobile Payment, the simplest way to pay money to and receive money from friends, family, and merchants on mobile devices.
The app facilitates consumers and merchants to make and receive payments in an easy and convenient manner, based on their mobile number. It enables sending money through the mobile to any phone number without sharing private bank account details of sender or receiver.
MOWA launched jointly by iKaaz and DCB Bank
MOWA has been launched jointly by iKaazand DCB Bank. It helps you manage your cards to make payments as well as bank accounts to deposit money. DCB Bank is an emerging new generation private sector bank with 149 branches in 98 locations across 17 states and 2 union territories.
“Our team has been constantly working towards providing the safest and easiest ways of mobile transactions and driving the economy towards being cashless,” founder and CEO of iKaaz, Soma Sundaram, said.
With the new app, millions of merchants who don’t have a point-of-sale (POS) terminal can now accept digital payments.
Users can also make payments to friends, family, merchants; money is debited from your card and deposited directly into the receiver’s bank account. Also, you request money from others and if your request is accepted and paid, money is deposited into your bank seamlessly, and supports all banks in India.
The money is debited from the payer’s card only at the time of the transaction and deposited directly into the receiver’s bank account. Apart from paying merchants and sending money to friends and family, the app can also be used for mobile recharge for self and others, pre or postpaid, data or DTH, bill payments, among others.
What makes MOWA mobile payments unique?
According to the developer, iKaaz, the mobile wallet is different from other payments apps in the market because:
• No Pre-payment of account required like in other wallets
• No need to remember anyone’s bank details
• No need to share private bank account details with anyone
• Pay using any of the multiple cards linked to your MOWA account
“iKaaz is already processing millions of transactions with its comprehensive suite of end-to-end mobile payments solutions and we are confident of seeing mobile app based remote payments and NFC powered ‘tap & pay’ based retail payments as the future of mobile payments,” Soma stated.
Last year, iKaaz joined hands with Adiga’s to rollout cashless payments at the chain of traditional South Indian restaurants run by Adiga’s in Bangalore.
With its corporate headquarters in India, iKaaz also has offices in the United States of America, and Nairobi, Kenya. And it’s already expanding its footprints in African countries like Nigeria and Kenya.
Kenya is globally popular with her M-Pesa that is already being adopted by other countries in the world, while mobile money in Nigeria is expanding rapidly. Africa is a great market for both established and emerging mobile payments firms.
Currently, it operates on a B2B model, providing the platform and associated ‘tap & pay’ solutions on a licensing model in Nigeria and Kenya.
In 2014, iKaaz Launched NFC Cloud-based Mobile Wallet platform In Nigeria
The company launched its NFC-platform in 2014 in Nigeria, giving Nigerian consumers freedom of making Near Field Communication payments at select merchant outlets by using iKaaz’s NFC powered mobile payments platform running on the Cloud. It partnered with First City Monument Bank.
“It is encouraging to see that African partners are very interested in embracing NFC- based innovative mobile payments solutions. We are also extremely proud to have the opportunity to partner with FCMB Bank here in Nigeria,” Soma said during the collaboration.
The NFC reader is priced at Rs 2000 per unit, and enables it to accept cashless payments from customers using iKaaz NFC tag attached to their phones.
The iKaaz M-POS solution allows merchants to replace expensive POS equipment with just a mobile phone that settles payments electronically. At a Tap & Pay checkout terminal, customers can simply tap their NFC tag-enabled phone at checkout counter to complete a cashless settlement for their shopping.
iKaaz offers an innovative mobile payments platform for enterprises in emerging markets to enable them to extend cashless transactions to their customers.