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.
