OUR BUREAU
Pushing payment tech: Vinod Khosla (right), Chairman, Khosla Ventures, and Srikanth Nadhamuni, Chairman, Novopay, at the launch of a payment app in Bengaluru on Wednesday - Photo: GRN SOMASHEKAR
BENGALURU, SEPT 16:
Novopay Solutions, backed by ace tech investor Vinod Khosla, has launched a consumer mobile wallet that aims to transfer or remit money on a peer-to-peer basis.
This app can be downloaded through Google Play store and can help in paying utility bills, mobile phone payments and even local grocery shops, similar to a physical wallet, company executives said. For people whose wallets have Know Your Customer (KYC) certification, they can withdraw up to ₹1 lakh in a month (with cash withdrawal facility) and for non-KYC users it is ₹10,000 a month, with no cash withdrawal option. Users pay a fee, which is less than one per cent of the load value, company officials said.
Further, the app will use the Aadhaar platform, for validating KYC norms for banks to help identify people, as well as the two factor security authentication that Aadhaar follows.
This service is not restricted to smartphones but even to feature phones, company executives said. The wallet has partnered with RBL Bank, which will enable cash withdrawal or loading cash at Novopay's network of around 10,000 outlets.
Apart from its own outlets, Novopak has tie-ups with companies such as Ezeetap, Innoviti and others which will take these solutions to market.
Digital money will enable a new kind of payment services, said Khosla, Chairman of Khosla Ventures whose Khosla Labs has incubated Novopay Solutions.
(This article was published on September 16, 2015)