"A consumer doesn't need to buy a high-end mobile phone with a NFC (near-field communication) feature to carry out transactions. Instead, we provide an NFC tag, which is less than $2 and can be installed in any feature phone," iKaaz founder and CEO Soma Sundaram told TechCircle.
The company also offers an app, Tap & Pay, using which a bank account holder can initiate money transfers and consumers can complete merchant transactions and pay bills using their mobile phones. With this app, which leverages NFC technology, merchants can receive payments from customers with just a tap of a phone at the checkout terminal.
"On the one hand, customers can transform their mobile phones into a mobile wallet using a smart iKaaz NFC tag and complete payments faster at merchant locations. On the other hand, merchants can benefit by significantly reducing the transaction processing fees," said Sundaram.
iKaaz offers a mobile payments platform in developed as well as in emerging markets to enable them to extend cashless transactions to customers.
Developed by domain experts with many years of experience in the mobile payments space, iKaaz is head-quartered in Bangalore and caters to customers across the globe. It has offices in Washington the US and Nairobi in Kenya.
iKaaz founder Sundaram has two decade of experience in the software industry particularly in the payments, social networking and open source domains. He held a senior management position in Nokia's global Mobile Money division, prior to which he was the VP, Product Engineering at Obopay.
Though the mobile payment segment is yet to pick up momentum in India, there are a few players, such as Mswipe, PayMate and eZetap etc. already operational in the country.
(Edited by Prem Udayabhanu)