Tuesday, 26 July 2016

VSoft develops app for instant transfer of money

VSoft Technologies, a banking technology solutions firm, has developed an app for smoother transfer of money. Unlike in mobile wallets, the app doesn’t require people to store money in it. The app helps people to transfer and receive money instantaneously.

“With ‘Jeb’, money remains in the respective accounts and thus continues to earn money unlike in mobile wallets where you are supposed to store money for payments,” Murthy Veeraghanta, Chairman and Chief Executive Officer of VSoft Technologies, said. It enables transactions based on the United Payments Interface, promoted by the National Payments Corporation of India (NPCI), a common body for all retail payment systems in the country.

Showcasing the app here, he said the app has a one-time registration to come on board the technology platform.

“People can link their bank accounts using their phones, virtual ids and QR code (generated with the help of the respective banks) and Aadhaar card. The transactions are secured with a PIN number,” he said.

“Even in cases where the users do not possess cash and credit or debit cards and need to make an urgent purchase or transaction, the app comes in handy and empowers the users to instantly transfer money into the merchant’s bank account by the means of a mobile phone,” he said.

The firm is in talks with banks, financial institutions and retail businesses to promote the app, he added.

It will also be given as a white-label (banks and other institutes can brand it as their own) product, he said.

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