Move over Apple pay, Android Pay and dime a dozen digital wallets. The next generation of mobile payments is ready to make the world go cashless and cardless.
Ultracash is being touted as the most innovative mobile payment app conceptualized and developed in India which is way ahead in features, technology and disruptive power than the ones being innovated in the world’s largest tech hubs. Developed by Bangalore-based technology innovator, Ultracash Technology Labs, the product is already receiving rave reviews with consumers, merchants and tech circles.
Ultracash had signed up close to 500 merchants in HSR Layout and adjoining areas to do a limited test run and have met with extreme positivity from both consumers and merchants, making it available across Bangalore. It has already clocked more than 24,000 transactions in the last two months of pilot run and today has successfully launched it in Bangalore. The App already has 20,000 downloads. The Ultracash team is already deluged with calls from consumers and merchants calling in to open the service in other parts of Bangalore and outside too.
You’re good to go if you have a bank account and a mobile phone. Yes, that’s it! No need to preload money into your phone like other digital wallets. You don’t even need to have Internet on your phone or exhaust expensive data plans while making your payments. No NFC chips or special hardware are required. That is what makes it truly revolutionary, disruptive and path breaking.
Using a unique ultra high frequency encrypted sound-based technology that is patent-pending, You can pay directly from any of your bank accounts or credit/debit cards to the merchant account using your Android phone (iOS coming soon) with just a tap! All you have to do is download the Ultracash app on your phone, configure it with your bank account or card and you are ready to experience the tap & pay revolution.
Banking on indigenously built IMPS system from NPCI, Ultracash has created a 100% completely secure Payment ecosystem, which is PCI-DSS certified, adheres to RBI’s mobile payment guidelines and follows the strongest encryption algorithms to ensure complete safety and security of customer’s transactions and data. The Ultracash app has gone through stringent security checks from multiple leading banks participating in the Ultracash payment ecosystem. This makes it the most convenient and secure way to make payments to anyone, anywhere, anytime and customers are loving it.
For the merchants, Ultracash helps cut down on MDR (costs for merchants) and settlement time making it the easiest, fastest and most secure way of receiving a payment. Today, both the consumer and the merchant have a smartphone that has become the new PoS. The traditional PoS machine is a passive device and is slowly moving towards extinction. By concentrating on creating a system based on the indigenously built NPCI’s IMPS, it ensures that the cost of transactions for the merchants is very minimal. (Merchant Discount Rate - the cut that the merchant needs to pay every time the card is swiped is considerably less in case of IMPS transaction compared to the Credit Card transaction)
“India has more than 20 million merchants and countless home businesses, but only around one million PoS machines are registered. That’s the amount of potential available to convert the paper money transactions floating in the system to digital and cashless. The current PoS registration process is cumbersome, clunky and fast losing relevance. The ubiquitous mobile phone is the new PoS” says Vishal Lal, cofounder, Ultracash.
Vishal further added, “The idea behind UltraCash is an aspiration to create a possibility of a near cashless economy. The key feature of Ultracash is that payments can be made without using the Internet through just your phone. You don’t even need to transfer money in multiple digital wallets and manage them separately”.
Umesh Singhal, cofounder, Ultracash said, “The mobile phone is becoming a given extension of our identities and that’s where most technologies are converging. With the innovative Ultracash in your phone you can truly go cashless and have all your payment instruments converge inside the Ultracash Vault Secure and enable you a Pay on the go convenience. I see immense possibilities wrapped around this in the coming future.”
Ultracash is one of the easiest, fastest and most secure way to payoff recent times that has a quick and secure mobile payment ecosystem. It is presently available for download and use across stores in Bangalore only and will be soon available in other cities.
Contributed | what does this mean?