Bangalore-based mobile payments solutions provider, iKaaz Software Pvt Ltd has launched a platform to facilitate quick and easy payments for enterprises as well as consumers. iKaaz consumers wallet offers banks, operators, and merchants a mobile wallet to their customers, while its consumer centric platform iKaaz M-POS can replace expensive POS equipment with just a feature phone that settles payments electronically.
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 by reducing the transaction processing fees. 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.
Last year, iKaaz has expanded into Kenya. For the same, the company had collaborated with Family Bank, one of the leading banks in the country. As the part of partnership, iKaaz will provide the customers of Family bank with its Near Field Communication (NFC) and Bluetooth powered contactless payments through Tap and Pay method. The software provider was also in talks to raise $10 M from Brand capital, which will be used for expansion in India for a new product.