Fintech firm Eko India Financial Services has teamed up with National Payments Corporation of India (NPCI) and RBL Bank to launch a semi-closed prepaid wallet service.
Dubbed as Eko Wallet, the service will allow customers to send deposits or remittances to any bank account in real time using NPCI’s Immediate Payment Service (IMPS).
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The product has been designed to offer utility bill payments, retail merchant payments and one-click payments via its apps and point-of-sale presence.
Eko Wallet, which has already received license from the Reserve Bank of India, will streamline 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 currently processes over INR2bn a month in domestic money remittances, and intends to grow this business to INR10bn a month by March 2016 using the wallet.
Using the PPI license and partnership with NPCI, Eko’s customers can also send real-time remittances to any bank account.
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By GlobalDataEko India Financial co-founder and CEO Abhishek Sinha said: "With our unique technology platform and API stack that we are keen to extend to other companies, we are exploring multiple synergies with our existing partner banks, other banks and other key players in the payments landscape.
"I will also take this opportunity to thank our partner banks led by State Bank of India, ICICI Bank, Yes Bank and IndusInd Bank, who saw the uniqueness of our technology and user experience. They helped us get to a level where we could get our own Prepaid Payment Instrument (PPI) license and set us up on a path to be now independent and autonomous."
NCPI managing director and CEO A. P. Hota said: "With introduction of IMPS for Eko Wallets, Eko has broadened the base for wallet usage and will increase business by leveraging IMPS."
