YPayCash
Description
YPayCash is a simple and cost effective end to end mobile based retail payment platform that enables customers to make payments using their mobile phones and merchants use their phones as Mobile Point of Sales (PoS) terminals to accept payment. The transaction processing is done in a server hosted in a secured environment and the entire platform works using only the Telecom Infrastructure and GPRS. The key benefits of this innovation is that it is a new form of non-cash payment that is cheaper than standard POS based payments such as Credit/ Debit cards, it can be used by Merchants on the move such as Delivery Boys and consumers do not have to carry physical cards for making payments at a retail shop. The process of the payment ensures that the customer or the merchant do not have to share any personal information such as Phone Number or Account number with each other while making or receiving payments and complete anonymity is maintained (a 1st for any such payment platform). The technology is a combination of 2D Barcode and PKI based Process video sent by email
What we deliver
We deliver a mobile based end to end payment platform to the customers and merchants. In place of making cash payments, the customers can procure a pre-paid card (in the form of mobile wallet) which can be used to pay the merchants. The merchants receive the payments through this system by direct settlement to their bank account. The list of deliverables through this are: For Banks & Card Issuers: • Can use the platform to issue & operate pre-paid cards, gift cards, loyalty cards to their customers on their mobile phone (without the need to give physical cards) • End to end platform which provides all the components associated including: o Registration o Wallet account creation o Account and balance management o Transaction Authorization o Settlement o Top up via multiple modes such as Bank account link, cash, online transfer o Refund For Customers: • Payment facility using mobile • Re-charge for topping up balance in the mobile wallet account via various means including Auto recharge • Transaction confirmation receipt on the mobile • Real time Transaction summary view on the phone and online For Merchants: • Accepting payments using Mobile phone as a PoS terminal • Receiving mobile wallet payment instead of in cash • Settlement at the desired frequency including daily or hourly so that money is credited to bank account • To collect payments from customers for Home delivery or in non-store locations using mobile • Real time transaction summary view on the phone and online
Whom we deliver
We have tied up with a Public Sector Bank to provide this payment platform to the bank’s customers and Merchants. The customers of the banks can procure pre-paid cards on their mobile and use it at designated merchants (who enroll/ register) for this service. The commercial test run is underway wherein select merchants across 3 cities are using it
Why is the project unique?
Though there are alternate mechanisms for cash less payments, use of mobile has been largely restricted to mobile banking: – enabling customers to transfer amount from one account to another, viewing bank balance etc., YPayCash is a first of its kind mobile solution which can be used for making payments in a retail payment scenario. The uniqueness of the solution is as follows: Idea: • Only solution which ensures that neither the customer nor the merchant has to share any personal information such as phone number, account number etc. while making a payment. Thus maintains anonymity while making a retail payment which is very essential when payment is being made between strangers Method; • Unique mode of using a 2 D barcode to transmit information so that data is not visible in clear text. The process also ensures that the customer information is routed to the transaction server through the merchant so that there is a tie in between the customer and the merchant Business Model • Lower charges (around 1%) compared to other forms of non-cash payment • Feasible to accept small value payments of Rs. 100 or less thus making it viable for small merchants and all customer categories • Lower investments required in POS device and practically no investments required in setting up additional infrastructure such as PSTN/ ISDN lines or internet links for the merchants Technology & Implementation • Client software enabled to work on majority of the phones (Java based phones in the majority) • Merchant software developed on Android to leverage the power of Android o/s • Underlying PKI technology offers globally recognized security and hence eco system where in merchants, customers and banks can participate with confidence that application or communication cannot be tampered • Unique method of combining 2 D Barcode and PKI technology to provide unparalleled security and user convenience Application • Apart from being a payment platform, the framework makes this suitable for being a digital identity which can be used for multiple other areas such as Physical Access to airports, ATM access, Cash top-up at stores, payment at automated toll gates, business correspondent for socio economic disbursements etc.
Roadmap
It is a fact that adoption & penetration of mobile phones is the largest amongst any electronic devices. A lot is being written about mobile applications being developed for I-phones etc. but the reality is that the penetration of these mobile applications is limited to a small percentile of users. In order to truly leverage the reach of mobile phones, it is necessary to develop applications/ utilities which can cut across the diversity and non-standardization of devices and work across phones. Currently voice and SMS are the only 2 channels which have universality. So any application for the masses has to in someway be able to leverage this technology. The 2nd aspect is to be able to create or use the mobile as a pseudo identifier for the person. If the mobile can be used as an unlock key for a variety of activities such as authentication etc. it would be extremely useful. 3rd is to address the security concerns and provide confidence to the masses that mobile is more secure than PC. While people have started to understand the security of Internet/ PC, there is hesitancy for mobile and education / information dissemination is required to catapult mobile as a secure business channel. Also it would be important to provide utilities beyond entertainment which people can use on their mobile without fear
Contact
Mr. V.S.Venkataraman
eMudhra Consumer Services Ltd.
3rd floor Sai Arcade, 56, Outer Ring Road, Devarabeesanahalli
Bangalore, Karnataka, India
560103
URL/Website – www.emudhra.com
