Vinod Khosla-Backed Novopay Launches Mobile Wallet in India

Thursday, September 17, 2015

Novopay Solutions Pvt. Ltd on Wednesday unveiled its consumer wallet, which allows payments at neighbourhood stores, remittances and withdrawals.

The Vinod Khosla Ventures-backed company has partnered with RBL Bank, Axis Bank, Bank of India and said it has a strategic partnership with the yet-to-be launched IDFC Bank.

Srikanth Nadhamuni, chairman at Novopay said the mobile app, currently available only for Android users, can be used to pay contacts through email, phone numbers and Twitter handles too.

When users send money to their friends who do not have wallets, a message is sent to the recipient telling them to download the Novopay app to get the money.

The Novopay wallet can also be loaded using credit or debit cards or with the existing bank account.

Payments and finance platforms in India have seen increased activity in recent times with big e-commerce players launching, partnering or acquiring payments platforms.

 

Source: Livemint (link opens in a new window)

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digital payments, mobile money, remittances