Mobile money service provider YTS Solutions introduced MoSa Pay - a mobile based online salary disbursement solution targeted at small and medium enterprises (SMEs).

With its new product, MoSa Pay provides access to mobile wallets to customers in lower income groups for effective and timely disbursement of salaries, YTS said in a statement.

“Targeted at SMEs having direct or indirect employee strength of 50-50,000, MoSa Pay assists employers to open an employee accounts on a mobile wallet, disburse physical cash to digital at source thereby managing monthly salary transactions using a simple customized portal. With this new solution, mobile wallets become a powerful tool acting as a key enabler for financial inclusion transcending beyond recharge, utilities and shopping payments,” the statement added.

Designed by using Union Bank Money prepaid payment platform, MoSa pay enables easy digital salary linkage between the employer and employees, de-risking the need of manual cash management and additional paper work. Using MoSa Pay, employees can accumulate money in digital form as well as effortlessly transfer money to their families through a simple SMS, keeping the salary and income information secured.

Shweta Aprameya, Founder and CEO, YTS Solutions said, “The mobile revolution with over 900 million mobile users has widened scope for financial inclusion. MoSa pay is a revolutionary step towards addressing the challenge of under-banked audience to become ‘mobile banked’ by disbursing salaries right to their mobiles and thus bringing in not only transparency but ease of transaction for the migrant segment.”

Manish Khera, MD and CFO of YTS Solutions, has applied for a small finance bank in his individual capacity.

Related Topics
comment COMMENT NOW