iKaaz, a leading provider of secure mobile payment solutions, has launched a new "Tap & Pay" reader to enable cashless transactions based on NFC (Near Field Communication) technology.
With the help of NFC, iKaaz is making mobile payments faster, convenient and more secure. The concept has not taken off in many countries due to the high cost of NFC terminals and NFC-enabled phones. With a disruptive new technology, iKaaz has broken this crucial cost barrier and has released a cost effective NFC reader for merchants.
iKaaz's proprietary NFC Reader can be plugged into to any mobile phone to convert it into a mobile POS (point of sale) device and is priced at less than US$ 20 (INR 1000). In order to engage the consumer ecosystem, iKaaz offers consumers an NFC Sticker priced at less than US$2 (INR 75) that convert any mobile phone into an NFC-enabled phone. Consumers can now make payments with just a simple tap on the merchants NFC reader.
Speaking about the use cases, Soma Sundaram, CEO of iKaaz, explained that the iKaaz NFC reader can be used for retail payments, transportation, entertainment and numerous other touch points, to enable cashless payments. iKaaz NFC stickers can be associated to the mobile wallet and can reside either inside or on the backside of the mobile phone. iKaaz states that "iKaaz NFC transactions are highly secure since it supports multi-factor authentication".
The company also reported that the iKaaz platform is currently processing at the run rate of over 800,000 transactions per month, in less than three months since launch. Soma said, "There are several factors that have led to this amazing response. I believe we have managed to create the right product at the right price point using the latest technologies"