Bangalore-based mobile payment solutions provider, iKaaz is empowering emerging markets by making payments possible via feature phones. In a recent development, iKaaz which refers to digital money has launched its Near Field Communication (NFC)-powered mobile payment solution in Nigeria. The firm has also partnered with First City Monument Bank Plc in the country to provide the service.
iKaaz is deploying its flagship product mPOS solution with support of NFC that will enable consumers to make payments at select merchant outlets just by tapping their feature phones.
iKaaz founded by Soma Sundaram offers a mobile payments platform to enterprises, business correspondents and merchants in developed and emerging markets. Its flagship product is a mPOS solution that can replace expensive PoS (point of sale) equipment with a feature phone. For the same, it provides an NFC tag (which costs less than $2) that can be installed in any feature phone, turning it into a PoS facilitator.
The NFC tag can further be linked to bank account, pre-paid account, debit or credit card, and once that is done, the device acts as an extension of that particular account. Besides this iKaaz also supports SMS-based payment transactions.
The latest service expansion development in to Nigeria, comes on the heels of its raising an undisclosed amount in seed round of funding led by Ananda Kallugadde, managing director of NeoBytes Software Solutions, with participation from a group of other unnamed investors. Additionally, the company is planning to raise Series A funding to the tune of $5 million in the coming future.
Mumbai based mobile POS services provider Mswipe Technologies Pvt Ltd another player in the market has recently raised its Series B round of funding. The round was led by existing investor Matrix Partners, with participation from Axis Bank and DSG Consumer Partners. However, the funding amount has not been disclosed.