Jeb, a mobile app developed by Hyderabad’s VSoft Technologies to facilitate easy, instant transfer of money as an alternative to cash payment, emerged the winner at a hackathon organised by National Payments Corporation of India (NPCI).
The programme, in which 3,819 teams participated, was held to commemorate the launch of NPCI’s payments infrastructure platform – Unified Payments Interface (UPI).
For a host of daily as well as regular payments, be it to purchase groceries, vegetables, paying auto-rickshaw fare, school fees and utility bills or depositing money in another account, the app can perform multiple tasks for which cash is used, says VSoft Technologies COO Dronamraju Srinivas.
Jeb, he says, is not a mobile wallet but a payment channel. It enables users to send and receive money as well as banks to compete with the wallets. The money remains in the customers’ account, earning daily interest until used, unlike the wallets where it is transferred to a third party. Users can add any bank account while interactions can be driven by voice or in their preferred regional language.
VSoft is in talks with a few banks – public, private and in the cooperative fold. The NPCI is yet to finalise the user charges. They are expected to be less than that for NEFT and RTGS, he adds.