TLabs incubated VA Tech Ventures Pvt Ltd. has launched its operator agnostic, prepaid, mobile wallet, Happay that syncs with mobile number and SIM card to allow P2P and B2C transactions. This ZipCash enabled mobile wallet does not require a bank account integration. However, users are required to submit KYC documents for transactions above Rs 10,000.
The mobile wallet app is available on Android handsets and can be downloaded from Google Play Store. Once registered on the app, users can load money onto their mobile phone using net banking, debit/credit card or Happay recharge coupons to make payments to different people or for services. Currently, Happay coupons are not available online or offline. Since Happay is a semi-closed wallet, users can cash out their money only into a bank account and not at retail stores.
When we checked their website, we noticed that users can make cash transfers to bank accounts, ask others to pay, make P2P payments, mobile and DTH recharge, and also send invoice for the payment received. We suppose the invoice feature is for businesses. Users can share bills at restaurants and other places and also make group payments using this mobile wallet.
Speaking to Medianama, Anshul Rai, Co-Founder of Happay said that focused on integrating services where cash is the only option, Happay is trying to partner with cab and auto rickshaw aggregators and even ecommerce companies for Cash-on Delivery services. Instead of paying cash, customers can then directly transfer the money from their mobile phones into the ecommerce company’s bank account. Due to requests from vendors, they plan to launch an interface on their app even for businesses, said Rai. Vendors will then be able to get payments from their customers with Happay as their gateway. He further said that they are also working on a feature to allow bank transfers, even on a Sunday and will soon allow users to check their transactions on their website. However, in order to promote mobile payments, users will be not be able to make any payments through their website.
The company monetizes its B2C and B2B services while its P2P services are free. Vendors will be charged a fee of 1-2% of the B2C and B2B transactions, similar to credit card payment services.
mCommerce: The app offers a small mcommerce section through which users can shop for gifts. Happay has so far partnered with Ferns&Petals, 21Fools, Villkart and iExperience for gifting options and with Hope as charity partner. The gifts section has been introduced keeping in mind the group payment option available with the wallet. Rai mentioned that they don’t plan on expanding their mcommerc catalogue further till their B2B interface is launched.
Targeted on college students and young professionals, Happay plans to begin its marketing campaigns by targeting Delhi University students through brand ambassadors and offline events to increase the use of their app beyond their current 109 users. The company is also looking at word of mouth publicity and online ads to market their product.
Other players
Recently, OxiCash, an online wallet service by the payments solutions provider Oxigen Services India, had partnered with National Payments Corporation of India (NPCI) to launch a non-banking money transfer service – OxiCash Money Transfer.
In January 2013, State Bank of India had also launched Mobicash Easy, a prepaid mobile wallet service that allows users to transfer funds and make bill payment, among others. Airtel offers a semi-closed mobile wallet service which allows Airtel customers to pay utility bills, recharge their phones, shop at merchant outlets, make online transactions and make instant money transfers between one Airtel money wallet to another and to bank accounts across the country.
Other players in the prepaid wallet segment include My Mobile Payments, which launched a semi-closed m-wallet in November 2011, Loop Mobile which partnered with ZipCash to offer a mobile payments service, and Nokia Money, which had shut down earlier this year only to be acquired by mobile financial services firm FINO.
