Bangalore-based iKaaz launches NFC powered Cloud-based mobile payments platform in Nigeria

Bangalore-based mobile payment platform iKaaz, founded by Soma Sundaram, an ex-Nokia employee, has entered the rapidly growing African market with the launch of its innovative tap and pay offering in Nigeria. The company has raised seed round of funding for Africa and India expansion.

The company is in a mission to extend the iKaaz NFC tag benefit of cashless transactions at retail outlets. Nigerian consumers will now have a freedom of making NFC (Near Field Communication) payments at select merchant outlets by using iKaaz’s NFC powered mobile payments platform running on the Cloud. Currently, iKaaz has partnership with FCMB bank in Nigeria and more banks are lined up to be connected the to gateway.

iKaaz’s NFC reader plugs into any mobile phone and converts a mobile phone into a mobile POS (point of sale) device. iKaaz is inter-operable across device manufacturers and works across all the mobile operators.

Soma, CEO of iKaaz, said,

 "It is encouraging to see that African partners are very interested in embracing NFC-based innovative mobile payments solutions. We are also extremely proud to have the opportunity to partner with FCMB Bank here in Nigeria."

The NFC reader is priced at Rs 2000 per unit, and enables it to accept cashless payments from customers using iKaaz NFC tag attached to their phones.

The iKaaz M-POS solution allows merchants to replace expensive POS equipment with just a mobile phone that settles payments electronically. At a Tap & Pay checkout terminal, customers can simply tap their NFC tag-enabled phone at checkout counter to complete a cashless settlement for their shopping. Merchants also can give customers additional security by mandating the use of an M-Pin (mobile pin) to authenticate high value purchases.

How does iKaaz NFC work? 

With the iKaaz mobile payment platform working in the background, merchants can extend a host of utilities to customers with absolutely no additional infrastructure costs. Irrespective of their device type or mobile operator, consumers can use iKazz in three steps:

·         Register

·         Credit funds into their wallet in cash or link their wallet to a bank or prepaid account

·         Start transacting!

About iKaaz

iKaaz offers an innovative mobile payments platform for enterprises in emerging markets to enable them to extend cashless transactions to their customers. Developed by Industry experts with many years of experience in the payments domain, iKaaz caters primarily to customers in emerging markets. For more information, visit www.ikaaz.com.

Watch this space more updates.