Mobile-based fintech company Eko has launched its semi-closed prepaid wallet service. This service has been launched in partnership with National Payments Corporation of India (NPCI) and RBL Bank Limited (formerly The Ratnakar Bank Limited).
Eko Wallet, authorized by the Reserve Bank of India, will simplify payment options among the online buyers and will enable deposits through mobile phones for the low and moderate-income customers across rural and urban geographies. Eko processes over Rs 200 Crore a month in domestic money remittances, and aims to grow this business to Rs 1000 crore a month by March 2016 with the help of the Wallet.
Through Eko Wallet, citizens are able to send deposits or remittances to any bank account in real time using Immediate Payment Service (IMPS) extended by NPCI. Eko is the first company that started providing real-time domestic money transfer service to citizens in 2009 in partnership with banks. However, the facility was available only to the banks’ customers.
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, thereby enabling Eko to market customer-facing innovations with agility and scale the service more rapidly.
Eko Wallet will also offer utility bill payments, retail merchant payments, 1-click mobile payments and other emerging mobile money capabilities to neo economically active customers via its apps and point-of-sale presence.
Speaking at the occasion, Abhishek Sinha, Co-founder and Chief Executive Officer, Eko India Financial Services Private Limited, said, ” NPCI is leading the initiative of unbundling payments in the country and Eko will be very quickly moving to integrate with other interfaces being extended by NPCI including AEPS, APBS, BBPS, RuPay, UPI, etc. to leverage the payments infrastructure to its fullest. It is indeed an important milestone for Eko to have completed the integration with IMPS.”
Commenting on the launch, A. P. Hota, MD and CEO, National Payments Corporation of India (NPCI), said, “With unique feature of instant confirmation and its availability on weekends and holidays, IMPS became consumers’ first choice for doing financial transactions across the country. With introduction of IMPS for Eko Wallets, Eko has broadened the base for wallet usage and will increase business by leveraging IMPS.”
PPI players keep the customers’ money in escrow accounts maintained with banks. Eko has partnered with RBL Bank for this facility.