The common man is benefiting a lot from the facility of mobile payments which has simplified payments. It has also eliminated the use of cards and cash in the daily transactions. India has become the second largest market for telecommunication with networks providing 3G and 4G across the country at affordable prices. What’s more the rural areas in India make up one fourth of the total subscribers.
The Mobile Wallet was founded in 2015 and is a Mumbai based online payment solution startup. This solution makes use of barcode and QR code technology for processing the payments. The transactions are safe due to the encryption and they are also reliable and convenient. Both online and offline merchants are able to accept payment with the help of this technology. You do not have to share your card or bank details with the merchant. This startup is using a 256 bit encryption data security which ensures that the bank credentials of the users remain safe.
A unique QR code is used to map each customer and merchant which ensures proper identification and security. The app also has a bar code scanner which reads the QR code and the data is passed through encryption. Along with the locational intelligence the app can also interact with most of the merchants close by. IoT is also an area which the company is exploring in order to make the payment systems simple. At the same time efforts are on to develop a technology for the last mile payment and the discovery stage in the journey of the customer.
The company has recently received Rs. 33crores from an angel investor. Vinay is 34 and has completed his bachelors degree in Business management from Drexel university, Philadelphia, US. In his current position he is acting as the Director of DigiPort based in Mumbai and as the MD of QueMobile which is a telecommunication company. With his initial success and establishment he was inspired to further explore the technology industry due to which he started mobile Wallet. The Mobile Wallet works on 2G and has small store owners as the target.
