Private sector lender DCB Bank has inked a strategic partnership with iKaaz, a mobile payment start-up company, to launch innovative mobile payment solutions in India.
As per the partnership, iKaaz will launch mobile payment solutions including its flagship Near Field Communications (NFC) based Tap & Pay product targeting the merchant ecosystem and other related offerings directly targeting the consumers.
Soma Sundaram, Founder and CEO of iKaaz, said, “The partnership will help in actualising our goal towards simplifying payments. This collaboration provides another entry point for fast and convenient means of payment acceptance for merchants and simplifying the payments experience for customers.” He said the company will target and address issues within niche use cases where the payments process is cumbersome and painstaking for the value chain.
The partnership is expected to introduce consumer centric products taking the country a step closer towards a cashless economy.
Murali M. Natrajan, Managing Director & CEO, DCB Bank, added, “iKaaz has created a unique cashless tap and pay product. We believe this product can provide huge convenience to customers.”
In the banking arena, the NFC entering raises high hopes for convenience and comfort. Private banks are welcoming tap & pay solutions and alongside making transactions easy.