Posted: June 07, 2017
mFino, the leading platform for payments, commerce and digital banking, is extending support to Aircel Money. mFino Cloud API Platform powers the Company’s mobile financial services including money transfers, bill payments, remittances, top-ups, cash deposits and more. The mobile wallet powered by mFino is also fully interoperable with IMPS and NEFT allowing Aircel Money to expand their services beyond Aircel customers.
Mobile wallets and digital payments have witnessed unprecedented adoption and growth over the past year as a result of demonetization efforts by the Indian government. “The demonetization move of the government has come as a boom for telcos who want more and more customers to get used to digital platforms for availing services and paying for them” says LV Sastry, National Business Head of Mobile Banking and Mobile Commerce at Aircel. “mFino built our mobile wallet offering in a very short period. They came in with experience, deftly handled complex regulatory and audit requirements and ensured that we have a best in class offering. We are now capable of serving over 80 million customers using their platform, and we are closer to achieving our goal of becoming the best domestic remittances player in India,” LV Sastry further commented.
Mobile financial services represent a compelling opportunity for mobile operators in India to extend their portfolio to payments and mobile financial services. The lack of a strong point-of-sale infrastructure combined with the prevalence of smartphones has resulted in significant growth of digital payments as cash options diminish. It is estimated that since demonetization, India has been adding about a million wallet users every day. In addition to mFino, card associations MasterCard (NYSE: MA) and Visa (NYSE: V) are driving innovation around wallet functionality with BharatQR, the world’s first interoperable QR code solution, in collaboration with NPCI. American Express (NYSE: AXP) is also set to adopt these new standards.
Sridhar Obilisetty, CEO of mFino, believes that mobile financial services are just at the tipping point in India, and the opportunity to be part of this foundational shift to digital payments is “both exciting and humbling”. “The IndiaStack fundamentally changes how 1.2 billion Indians get access to financial, healthcare and educational services. This earnestly marks the beginning of Digital India, and we are honoured to contribute through our efforts with leading Indian financial institutions, mobile operators and system integrators, including Aircel, Janalakshmi, NSDL, SIFY (Nasdaq: SIFY) and IBM (NYSE: IBM). In step with India’s march towards a cashless society, we are pushing towards making UPI and Aadhaar enabled payments ubiquitous across our partner ecosystem,” says Sridhar.
mFino will work with Aircel Money to support their digital payments expansion. The mFino Cloud API platform is unique in its range of functionality for mobile operators, banks, merchants and other service providers. mFino has a broad range of microservices for commerce, mobile financial services, payments, banking, and the platform’s flexibility allows enterprises to create a custom solution perfectly suited to their specific needs with great agility and speed.
“While deploying our solutions across the globe, we’ve experienced how legacy systems, complicated back end processes, siloed data sources, teething infrastructure and a web of integrations can slow the pace of innovation in the financial space. As a reaction to the ways in which financial products are traditionally built, we’ve introduced our Cloud API platform. With unparalleled agility and flexibility at its core, the cloud platform is built to bring financial innovation within the reach of any institution, anywhere,” says Sridhar. mFino powers digital banking transformation, mobile financial services and commerce in multiple markets across Africa, Asia Pacific and Latin America.