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Eko India Financial Services has launched its prepaid wallet service in partnership with the National Payments Corporation of India (NPCI) and RBL Bank. The product, called Eko Wallet, will offer utility bill payments, retail merchant payments and one-click payments via its apps and point-of-sale presence.
Eko Wallet also allows users to send deposits or remittances to any bank account using NPCI’s Immediate Payment Service (IMPS). Eko says it processes over Rs 200 crore a month in domestic money remittances, and that it aims to grow this business to Rs 1,000 crore a month by March 2016 with the help of the wallet. It says that it has processed 34 million transactions worth over Rs 18,000 crore with 10 million customers.
The company got its wallet licence from the Reserve Bank of India in March 2015 and is valid for 5 years. Wallet players keep the customers’ money in escrow accounts maintained with banks. Eko has partnered with RBL Bank for this facility. RBL Bank had also partnered with TranServ earlier in February to provide escrow services for its Shmart! wallet.
Eko will also be incorporating NPCI’s other payment technologies such as RuPay, Unified Payments Interface, Bharat Bill Payment System, Aadhar Enabled Payment System and Aadhar Payment Bridge System.
Other developments in the wallet space
– Earlier this month, digital payments company TranServ said it is launching a mobile wallet and is tying up with mVisa and RuPay to make it acceptable across offline stores and ecommerce portals
– In the same month, payments company Oxigen Services will be hiving off its online businesses, which includes its digital wallet, into a separate entity known as Phi Enterprises.
– In October, German payments company Wirecard bought Great Indian Retail Group‘s business for 230 million euros ($254 million) in a cash deal. Wirecard would acquire 100% of the shares from Great Indian Retail Group and financial investors of companies operating payment services in India, Philippines, Indonesia and Malaysia.
– In October, MediaNama had also reported that the Reserve Bank of India (RBI) has granted a prepaid payments instrument to Hyderabad-based Kedia Infotech Limited which runs a recharge and bill payment service called eSevaworld.