iKaaz, a Bangalore based mobile payments solution provider, have launched their new mobile payment platform called iKaaz Mobile Payments. The platform can be classified into two distinct segments: Mobile Wallet and Mobile POS system.
The iKaaz Mobile Wallet is an e-Wallet. It takes the form of an app or can be used over a SMS channel for lower end mobile phones which do not support apps. Customers just have to register themselves and credit their accounts or link their accounts to their bank accounts and start using their mobile phone for all their needs. According to iKaaz, a customer can transfer money, pay their bills, pay for their shopping, recharge their phones and also their DTH services. iKaaz also supports NFC based Tap and Pay. The Tap and Pay feature can be used on any mobile phone even if the mobile phone does not support NFC. This is done by placing an iKaaz NFC tag on it. These tags contain information pertaining to your account. When a Tap and Pay terminal at a shop reads the tag, the information on the tag is used to charge your account. If you are in doubt about the security of the platform, iKaaz also has an option for using M-Pin for authorizing high value purchases. Hence preventing unauthorized transactions. And if you lose the NFC tag or you mobile phone, you can always block it, in same way as blocking you credit or debit card.
Now on to the Mobile Point-Of-Sale (POS) system. This is basically the merchant side of the system. The merchants are provided with an iKaaz powered Mobile device, which is capable of reading iKaaz’s NFC tags. The merchant can also ask for M-Pin from the customer to authorize the transaction. The system does away those expensive POS devices and reduces the cost for the merchant, which in-turn also reduces transaction fees for the customer. iKaaz also supports full refund, partial refund and void transactions (as long as they are pending settlement).
With the race for Mobile Payment System heating up, iKaaz brings in a payment system which is easy to deploy and targets a wider customer base, making it beneficial for both merchants and consumers. It might not be long before we do away with our physical money and use our mobile devices for our daily needs.