Mobile payment solution provider iKaaz has launched a new ‘Tap & Pay’ reader to enable cashless transactions based on NFC (Near Field Communication) technology. iKaaz aims to make enable faster, convenient and secure mobile payments using NFC.
iKaaz’s ‘Tap & Pay’ reader can be plugged into any mobile phone to convert it into a mobile POS (point of sale) device and is priced at INR 1000. In order to engage the consumer ecosystem, iKaaz offers consumers an NFC Sticker priced at less than INR 75 that converts any mobile phone into an NFC-enabled phone. This will allow consumers to make payments with just a simple tap on the merchants NFC reader.
Soma Sundaram, CEO of iKaaz, said, “iKaaz NFC reader can be used for retail payments, transportation, entertainment and numerous other touch points to enable cashless payments. iKaaz NFC stickers can be associated to the mobile wallet and can reside either inside or on the backside of the mobile phone. iKaaz NFC transactions are highly secure since it supports multi-factor authentication.”
According to the company the iKaaz platform is currently processing at the run rate of over 800,000 transactions per month, in less than three months since its launch.