Eko launches mobile wallet in partnership with NPCI and Ratnakar Bank

MUMBAI: Mobile-based fintech company, Eko launch semi-closed prepaid wallet service in partnership with the National Payments Corporation of India (NPCI) and RBL Bank

The Eko Wallet aims simplify payment options for online buyers and raise deposits through mobile phones from low and moderate-income customers across rural and urban geographies.

“We are exploring multiple synergies with our existing partner banks, other banks and other key players in the payments landscape,” said Abhishek Sinha, co-founder and chief executive officer, Eko India Financial Services. Their other partner banks include State Bank of India, ICICI BankBSE -0.69 %, Yes Bank and IndusInd Bank.

Through the Eko Wallet, customers will be able to send deposits or remittances to any bank account in real time using Immediate Payment Service (IMPS) extended by the NPCI. Earlier the facility of real-time domestic money transfer was limited to the customers of banks that Eko had partnered with. However, now, with the Prepaid Payments Instruments (PPI) license and its partnership with the NPCI, Eko’s customers will be able to send real-time remittances to any bank account.

The wallet will also offer utility bill payments, retail merchant payments, one-click mobile payments and other emerging mobile money capabilities customers via its apps and point-of-sale presence.

The company currently processes over Rs 200 crore a month in domestic money remittances, and aims to grow this business to Rs 1,000 crore a month by March 2016 with the help of the wallet, said a statement issued by the company. As a payments platform, Eko has processed over Rs 18,000 crore worth of transactions, over 34 million transactions and has served more than 10 million customers till date, it added.