payments

Hyderabad based Paynear Solutions has launched a payment solutions app called Spot for Android. Through the app, users can make mobile, DTH and datacard recharges, postpaid bill and utility payments, along with landline, electricity bills and insurance policy payments.

The Spot app offers services from ICICI Prudential, BPL, Airtel, Vodafone, Idea, Uninor, Docomo, Reliance Mobile, Aircel, Videocon, Mahanagar Gas, MTNL, BSNL, MTS, Virgin Mobile, Tata Indicom,  DishTV, Tata Sky, Sun Direct, Videocon D2H, Big TV, Tata AIG Life, Tikona and T24.

The company claims that small grocery, retail, general and paan stores who sign up with Spot can become ‘agents’ of Spot, offering their customers Spot’s services, will be able to earn extra income through commissions on each recharge or bill payment. The ‘agents’ will also be able to book cab, bus, train, flight tickets and hotel rooms.

The company said that individuals can also become Spot distributors who can onboard agents to manage these services in their areas of operation, calling it a ‘low investment no risk’ business opportunity. Paynear, which was founded by Anil Bharadwaj V, Maulik Shah and Priti Shah in 2013, offers mPOS solutions, CRM and payment gateway services.

RBI’s payments banks approval
Mid last month, the RBI granted “in-principle” approval to 11 applicants for payments banks, from 41 applications that it received: Reliance Industries Limited, Paytm, Sun Pharma founder Dilip Shantilal Shanghvi, Fino Paytech, Aditya Birla Nuvo, Department of Posts, Cholamandalam Distribution services (a financial services co), National Securities Depository Limited, and Tech Mahindra, apart from telecom operators Airtel and Vodafone.

Recent developments in the payments industry & competition:
– Late last month, Mobile commerce marketplace and digital wallet Paytm tied up with Manapuram Finance and Muthoot Fincorp to launch financial services businesses by offering gold loan repayment and eventually plans to provide facilities to renew insurance policies online. The company claimed that it crossed 100 million users in the country and carries out over 75 million transactions every month.

– While technically not a wallet, Ola Money, online cab aggregator Ola’s in app wallet for payments, can now be used to pay for other companies like Oyo Rooms, Lenskart and Saavn among others across India. Ola Money users will also be offered promotional cashbacks and discounts from merchants in the initial roll out integration. Ola told MediaNama that it has tied up with ZipCash for its wallet services.

– Online recharge and couponing service FreeCharge introduced a new feature that will let users pay their electricity bills online. Freecharge mentions that it will introduce e-payments for other utilities in the coming months. In April, ecommerce marketplace Snapdeal acquired FreeCharge in a deal that was pegged at around $450 million.

– Payment solutions provider Oxigen Services introduced ‘Super PoS’, a device that will upgrade a network of 200,000 locations under the Jan Dhan Yojana. According to the company, it will bring the platforms of financial inclusion, cards payment and recharge/bill payments on the PoS device.