iKaaz unveils its latest mobile application MOWA- a simple mobile payment enabler through smart phones. The app facilitates consumers and merchants to make and receive payments in an easy and convenient way based on the mobile number. It enables sending money through the mobile to any phone number or to a phonebook contact without sharing private bank account details of sender or receiver. The app supports all banks in India and is available free of cost.
MOWA is launched jointly by iKaaz and DCB Bank, this innovative mobile app helps you manage your cards to make payments as well as bank accounts to deposit money.
Soma Sundaram, Founder & CEO, iKaaz commented, “Our team has been constantly working towards providing the safest and easiest ways of mobile transactions and driving the economy towards being cashless. MOWA is designed to fulfill this objective. Apart from paying to merchants and sending money to friends and family, the app can also be used for mobile recharge for self and others, pre or postpaid, Data or DTH, bill payments etc. iKaaz is already processing millions of transactions with its comprehensive suite of end to end mobile payments solutions and we are confident of seeing mobile app based remote payments and NFC powered Tap & Pay based retail payments as the future of mobile payments.”
The most differentiating feature of this app is it requires no pre-payment of account like other wallets as consumers’ money resides in their own bank account until they do the transaction. The users can avail the app by registering with mobile number, name and date of birth. One must then attach the credit or the debit card as a payment medium and start making payments by entering mobile number of receiver.
“Technology evolution is continuously and dramatically changing how banking and transactions are conducted. We believe this product can provide huge convenience to customers,” said Murali M. Natrajan, managing director and CEO of DCB Bank.
The money is debited from the payer’s card only at the time of the transaction and deposited directly in to the receiver’s bank account. People can also request for money and if accepted & paid, the amount gets deposited into the bank seamlessly. One can pay using any of the cards linked to the MOWA account.
The app also facilitates small business merchants to accept digital payments which include debit, credit and pre-paid card payments. They can save money by registering with MOWA for an absolutely free POS solution with no need of an additional hardware POS terminal.
Millions of merchants who don’t have a point of sale (POS) terminal to accept digital payments can now use this innovative mobile app to accept digital payments. Consumers can use this for paying to the merchants, friends and family. It is a highly secure app with multi level security for authentication and transaction, compliant with RBI regulations.