Y-Cash Software Solutions Pvt Ltd, a subsidiary of eMudhra Consumer Services Ltd, has partnered with Karur Vysya Bank to launch YPayCash, a prepaid mobile wallet and payment service, reports Times of India. The mobile wallet will be initially available to customers and merchants in Tamil Nadu and will offer the usual bouquet of payment services – merchant payments, mobile and DTH recharge and fund transfer. Users can transfer funds only to other YPayCash users. What’s noteworthy is that since it is a bank linked service, it will be available for users without a bank account. eMudhra, a digital signature issuing authority, had announced the service almost a year ago.
How to use
Apart from downloading the app from the Google App Store to use this service, new consumers can also register on the website to use the mobile wallet service, for access to recharge facilities, and discount and offer coupons, similar to most recharge sites. The strange thing about the website is that it appears to be more of an information site about the service, rather than a transaction site which encourages customers visiting it to use the services.
Users can load cash into their YPayCash account in two flavors — with a limit of Rs 10,000 on Insta-Pre-paid mobile wallet and with a limit of Rs. 50,000 on Maxima-prepaid mobile wallet which requires Know Your Customers (KYC) documents submission. Note that the licenses by RBI for mobile wallet services does not allow operators to offer cash-out facility, unless they sign up customers under a Banking Correspondent tie-up. It’s not clear whether YPayCash’s Maxima Prepaid mobile wallet offers cash out facility.
YPayCash claims that 2500+ stores across 40 categories accept YPayCash, although the list of merchants accepting YPayCash only includes merchants in Chennai and Coimbatore. At the time of writing of this story, YPayCash had not responded to MediaNama.
Other Payment Related Development:
Beam Money, mobile payments platform had launched a mobile wallet app for the iPhone, called Beam Wallet in January 2013. The app enable users to recharge Mobile and DTH accounts across service providers such as Aircel, Airtel, BSNL, Idea, MTS, MTNL Delhi and Mumbai, Reliance, Tata Indicom and Tata Docomo, Vodafone, Videocon, Uninor, Tata Sky, Videcon D2H, Airtel Digital, Sun Direct, Reliance Big, and Dish TV. The app also allows Gold members (members who provide KYC documents) to transfer money. iKaaz launched a semi-closed mobile wallet for consumers that can be accessed through apps available for iOS and Symbian and also through SMS channel in low end phones; it has also launched an NFC based service for merchants.
MyMobilePayments is another company that launched its semi-closed mobile wallet in November 2011 after approval from the RBI. ZipCash, mobile service operator in partnership with Loop Mobile launched a mobile money service in August 2011. Nokia shut down its Nokia Money Businesses run on Obopay platform in March 2012.
In January 2013, State Bank of India launched its prepaid mobile wallet service called Mobicash Easy for customers in Delhi and Mumbai. Previously, SBI had also launched SBI OxiPay, an online mobile service and also inked an agreement with BSNL to launch mobile banking using the ubiquitous USSD mobile platform at a price of Rs.15 for unlimited transactions by the user.