The iKaaz platform broadly caters to two major segments.

The iKaaz Consumer Wallet for Enterprises allows enterprises including banks, operators, and merchants to offer mobile wallets convenience to their customers for quick and easy payments. Soma Sundaram, Founder and CEO of iKaaz, said, "The iKaaz solution can be delivered in the form of a mobile app across all types of mobile phones. With the iKaaz app, account holders of a bank / prepaid can initiate money transfers and consumers can complete merchant transactions and pay bills with just their mobile phones."

The iKaaz M-POS solution allows merchants to replace expensive POS equipment with just a mobile phone that settles payments electronically. With the iKaaz Tap & Pay solution, that leverages NFC (near field communication) technology, merchants can receive payments from customers with just a tap of a phone at the checkout terminal. This revolutionary concept aims to change the way shoppers go about their daily shopping at their favorite retail outlet. No more fumbling for cash or swiping of the card; a simple tap of a phone will complete the payment. "On the one hand, customers can transform their mobile phones into a mobile wallet using a smart iKaaz NFC tag and complete payments faster at merchant locations. On the other hand, merchants can benefit by significantly reducing the transaction processing fees," said Soma Sundaram.

The product launch video is available at ikaaz.com

About iKaaz

iKaaz offers a mobile payments platform for enterprises in developed and emerging markets to enable them to extend cashless transactions to their customers. Developed by some of the core team members of the Ex-Nokia Money team with many years of experience in the payments domain, iKaaz caters to customers across the globe. For more information, visit http://www.ikaaz.com.

Read more here: http://www.sacbee.com/2012/10/17/4918922/ex-nokia-money-team-launches-ikaaz.html#storylink=cpy