New Delhi: Bengaluru-based iKaaz Software, a mobile payment solution provider, has unveiled its latest Android mobile application MOWA, a mobile payment enabler through smartphones where users don't need to load cash in their virtual wallets.
The best part about this app is that it facilitates consumers and merchants to make and receive payments based on the mobile number. It lets you send money through the mobile to any phone number or to a phonebook contact without sharing private bank account details of sender or receiver.
Here's how it works. First you need to register in the app with a mobile number, name and date of birth. After registration, you have to link your credit card or debit card with the wallet. Now you can select a contact from the phonebook or any other mobile number, enter the amount you wish to pay and add a message and authenticate with passcode and 3D secure password to complete the payment.
MOWA is different from other payment apps since it doesn't need pre-payment of account as consumers' money resides in their own bank account until they do the transaction. Only at the time of transaction the money gets debited from the payer's card and deposited directly into the receiver's bank account. People can also request for money and if accepted and paid, the amount gets deposited into the bank.
The app also enables small business merchants to accept digital payments which include debit, credit and pre-paid card payments.
For MOWA there is no need of an additional hardware POS terminal. MOWA competes with Oxigen and Airtel Money, among others.
For those who don't have the app, they can receive money in the bank account by registering for MOWA using SMS.
“Millions of merchants who don't have a POS terminal to accept digital payments can now use this innovative mobile app to accept digital payments. Consumers can use this for paying to the merchants, friends and family. It is a highly secure app with multi-level security for authentication and transaction, compliant with RBI regulations,” said Soma Sundaram, Founder and CEO, iKaaz.
The solution will work on near-field communication, or NFC, technology that enables a smartphone to send information to another by taping the devices.
The company already has about 7,500 merchants, including hotels, restaurants, kirana stores and telecom stores which accept cashless payments through iKaaz's NFC cards. These entities could easily adopt MOWA. The company also operates in Nigeria in partnership with First City Monument Bank.
