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Beam Looking To Enter Virtual Goods Payments; How They’re Different From ITZ Cash

Beam is a mobile payments platform that intends to extend the reach of the prepaid mobile wallet by offering what it claims a simple consumer facing product. The company's CMD, Anand Shrivastav informs that it is planning a big relaunch and also intends to venture into virtual goods payments. Excerpts from an interview with Shrivastav: MediaNama: What has been Beam's approach to the prepaid payments market? Shrivastav: We were ab-initio pretty clear that even though Beam is a financial product, our approach has always been to treat it as a consumer product. MediaNama: But how's it different from other prepaid players such as ITZ cash? Shrivastav: They are a predominantly whole-sale aggregator model with agents that they appoint for transacting on behalf of the customer. In contrast, Beam is a consumer facing product. Prepaid cards are retailed to the end customer who transacts, who loads the instrument directly on his mobile and does all the transactions. There's direct interaction with the brand all the time. At the same time we have franchisee brand shops and individuals, who offer assistance. Last but not the least we actively acquire not only merchants which provide online services but we also have built a huge ecosystem of more than 20,000 offline merchants: mom and pop stores, grocery and medical stores, food joints etc, where our customers can access and pay remotely. MediaNama: How do you acquire customers? Tell us about Beam's customer acquisition strategy. How do you inspire confidence in the payments business? Shrivastav: To a new market we…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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