How we squeezed a bank into a mobile
We delivered the technology for a telecom provider to launch a mobile wallet service in India. See cashless payments on the move.
Deliver the technology for a telecom provider to launch a mobile wallet service for cashless payments in India
Why is this a significant problem?
- In India, 60 percent of the population is unbanked and relies on cash transactions
- For every 10 lakh of its population, USA has 1,390 ATMs while India has only 98 ATMs for the same number
- But, over half of India has a mobile phone – an ubiquitous channel for money transfers
Why is the problem challenging?
- The mobile wallet experience must work on all devices – even basic phones
- Wallet security must be foolproof to ensure customers appreciate it’s a proven reality, not just a concept
- Our software engineers built a scalable m-commerce platform on Cloud to support 3500 transactions/sec
- A context-aware menu card was coded to be served over the USSD session
- The menu card senses the phone model and serves screen-appropriate content
- USSD protocol also supports an MPIN for secure transfers with a session validity of just 2 minutes
The mobile wallet launched in early 2012 has 8 million customers across 800 Indian locations – transferring money when and where it’s most needed.