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Bengaluru-based iKaaz Software, a adaptable acquittal band-aid provider, is ablution a new application, MOWA, that works about like the Apple Pay.

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Image: Bengaluru-based iKaaz Software, a adaptable acquittal band-aid provider, is ablution a new application, MOWA, that works about like the Apple Pay. Photograph: Courtesy, Ikaaz Software

Apple ability acquire to delay best afore it brings Apple Pay to India, but Indians won’t.

Bengaluru-based iKaaz Software, a adaptable acquittal band-aid provider, is set to barrage a new appliance alleged MOWA, which will booty adaptable wallets to the aing akin area users don’t charge to bulk banknote in their basic wallets.  

Until now, one had to alteration money from one’s acclaim agenda or coffer annual through net cyberbanking to ample the adaptable wallet afore one can advance with a transaction.

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However, MOWA operates as an ‘open wallet’. Here, users will acquire to articulation their acclaim cards or debit cards to the MOWA wallet.  

“The money will alone be transferred as and back a transaction happens afterward multi-level affidavit by the user and aegis checks.”

Image: MOWA operates as an ‘open wallet’. Here, users will acquire to articulation their acclaim cards or debit cards to the MOWA wallet. Photograph: Courtesy, Ikaaz Software

“The advantage actuality is that the money is not blocked or kept in the wallet unnecessarily. It stays in the user’s coffer annual or acclaim card,” says iKaaz Software’s CEO Soma Sundaram, a above Nokia Money aggregation member.  

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iKaaz is ablution the new adaptable acquittal band-aid in affiliation with DCB Bank. iKaaz will be accouterment the technology solutions, while DCB Coffer will be the acquittal facilitator.

Being a full-fledged bank, DCB has the appropriate licences from the Reserve Coffer of India (RBI). “No, we did not charge to acquire a licence for this,” says Sundaram.  

Here’s how MOWA works: After registering, a user will charge to articulation his acclaim agenda or debit agenda with the wallet. He will again acquire to baddest contacts, who could be a acquaintance or a merchant and specify the details.

Once the user wants to accomplish a transaction, there will be multi-level affidavit and aegis checks to complete the payment, which could be bills, recharge of pre-paid services, acquittal to retailers beyond India, etc. Users can additionally accelerate money to accompany or family.

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Image: Through MOWA, payments can be fabricated by appliance the receiver’s adaptable number, and there’s no charge to acquire coffer annual detail too. Photograph: Courtesy, Ikaaz Software

However, the bulk of transaction is belted to Rs 10,000 a day, and the accumulative bulk of all affairs in a ages is Rs 1,00,000, as per RBI guidelines.

Sundaram says it is like a “tap-and-pay” apparatus on adaptable phones.

“Small merchants don’t acquire cashless acquittal facilities, and it ability not be achievable for them to acquaint cashless payments if it’s article like a kirana store. MOWA solves the botheration as they can now use their adaptable accessories as point-of-sale (POS) terminals for agenda payments,” he adds.  

Through MOWA, payments can be fabricated by appliance the receiver’s adaptable number, and there’s no charge to acquire coffer annual details, Sundaram notes.  

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While the app will be offered chargeless initially, merchants will acquire to pay a processing fee of 1.5 per cent of the bulk of anniversary transaction at a after stage. For accustomed users, MOWA will consistently be free.  

The band-aid will assignment on near-field communication, or NFC, technology that enables a smartphone to accelerate advice to addition by taping the devices.  

The aggregation already has about 7,500 merchants, including hotels, restaurants, kirana food and telecom food which acquire cashless payments through iKaaz’s NFC cards.

These entities could calmly accept MOWA. The aggregation additionally operates in Nigeria in affiliation with First City Monument Bank.

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Tap and Pay

Bengaluru-based iKaaz Software, a adaptable acquittal band-aid provider, is ablution a new application, MOWA, that works about like the Apple Pay

Transaction bulk is belted to Rs 10,000 a day, and the accumulative bulk of all affairs in a ages is Rs 1,00,000

The money will alone be transferred back a transaction happens afterward multi-level affidavit by the user

iKaaz is ablution the adaptable acquittal band-aid in affiliation with DCB Bank

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