Mobile-based fintech company, Eko, has launched its semi-closed prepaid wallet service in partnership with National Payments Corporation of India (NPCI) and RBL Bank Limited (formerly The Ratnakar Bank Limited).
Gurgaon-based Eko was founded in 2007 by Abhishek Sinha and Abhinav Sinha. The company provides mobile money services based on USSD, SMS and IVR through its two-factor authentication (2FA) technology. It allows customers to make secure transactions on their mobile phones, without installing any software on the phone or the SIM card.
Eko had received license from Reserve Bank of India in March this year to operate a wallet in the country. Eko’s license is valid up till March 2020.
It has already processed over INR 18,000 Cr. worth of transactions from over 34 Mn transactions, serving more than 10 Mn customers. The company processes over INR 200 Cr. per month in domestic money remittances, and now aims to grow this business to INR 1000 Cr. a month by March 2016.
Through Eko Wallet, citizens will be able to send deposits or remittances to any bank account in real-time using Immediate Payment Service (IMPS) extended by NPCI. Through the PPI license and partnership with NPCI, Eko’s own customers will also be able to send real-time remittances to any bank account.
Besides, the platform will also offer utility bill payments, retail merchant payments, 1-click mobile payments and other emerging mobile money capabilities via its apps and point-of-sale presence.
Eko will quickly be moving to integrate with other interfaces extended by NPCI including AEPS, APBS, BBPS, RuPay, UPI, etc. to leverage the payments infrastructure to its fullest. Besides, it is also looking to offer a multitude of new products and services in the payments domain using its wallet license, product assets and NPCI partnership.
“We believe that we now have a framework that is available to us at a significantly lesser cost and with complete ownership of the product. This framework of PPI supported by the foundation of NPCI, Aadhaar, rapid adoption of smartphones, millions of customers having PMJDY accounts with DBT transfers, combined with the innovation quotient of our team, is a unique canvas for Eko to bring disruptive payment & financial services to the market,” said Abhishek Sinha, co-founder & CEO of Eko India Financial Services Pvt. Ltd.
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