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Consumer technology services provider eMudhra will soon launch its mobile wallet service.
Mr Ravi Jagannathan, Managing Director and CEO, told Business Line that the company had recently got a licence from the Reserve Bank of India for launching the service. “We plan to launch YpayCash, our mobile wallet services, in couple of weeks.”
The company plans to tie up with traders for the service, said Mr Jagannathan.
“The proximity payment service has a PKI-enabled (public key infrastructure) communication,” he said, adding that the company offers a patented communication layer. Merchants desirous of getting this application have to go through a know-your-customer process.
PKI or public key infrastructure enables users to exchange data and money on the Internet in a secured way through the use of a public and a private cryptographic keys pair. The keys are obtained and shared through a trusted authority. eMudhra is a digital signature certificate issuing authority in India.
However, money can be transferred between customers and traders only if both have signed up for this application.
eMudhra also plans to launch a mobile shopping offering Xygle this week, which will help consumers buy retail items without stepping into the retail outlet. This service also includes items being home-delivered.
“We are signing up with traders, and all that customers have to do is scan the encrypted QR code, in case of a mobile phone with a camera, or SMS the printed QR code (in case of mobile phone without a camera) to the merchant,” explained Mr Jagannathan. QR or quick response code is a two-dimensional bar code.
However, to “enjoy this experience customers have to shop for a minimum of Rs 300,” he added.
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