Ifuturz Finserv launches NXTpay mobile payment gateway

                           

IFUTURZ Finserv , the financial services subsidiary of TNGicube has launched NXTpay mobile payment service. With Nxtpay – India’s first integrated 360 degree mobile payment solution, your mobile turns out cash whenever you want and all of it happens. . So forget all those endless waits at the ATM queue and your worries for no ATMs near your favorite shop, or your particular bank ATM. All you need is your favorite mobile, we don’t care about the provider or the make, and you can make payments at restaurants, retail stores, pay your mobile bills, buy recharge cards, pay utility bills, transfer cash to your friends or bank accounts. So now your mobile not only gets calls, messages, takes snaps but with Nxtpay, brings in cash. And perfectly and completely safe with no scope for fraud. 

Ifuturz will provide the service using the cross operator shortcode 66777, which has connectivity with all GSM and CDMA mobile operators in India for SMS payments. The service is secure, simple and convenient to use and will use a 4 digit PIN for security. Each transaction will generate a unique 16 digit transaction key that is required for completing the transaction. For GPRS users, all you have to do is download a special software for accessing the service. 

Nxtpay service can be used either by linking it with a bank account or via prepaid cash cards, easily available across retail outlets throughout Kerala. To make this service easily available, Nxtpay has already partnered with leading retail outlets in Thiruvananthapuram like Ambrosia and De-options for the pilot launch of the service. 

 TNGiCube, already manages the wireless data service of Asianet satellite communications through it’s subsidiary Ifuturz Wireless. According to Anish Achuthan, Cofounder and CEO of Ifuturz Finserv,” our biggest advantage is our partnership with Asianet satellite communications”, which means direct access to more than half a million cable and broadband subscribers of Asianet building up customers.

The service has been conceptualized and developed keeping the customers in mind and this has resulted in a lot of innovations aimed at simplifying the end user experience with out compromising on security Says Rajni Nair, Product manager for Nxtpay.According to Raveen VR, the Technology head of Nxtpay, the 16 digit transaction is most secure feature of the service, which can only be authorised by a merchant and a user which means for anybody else, this is just a set of numbers.  Global revenues from mobile transactions or m-commerce stood at $22 million in 2005, to which Asia contributed more than 40 per cent. Mobile payments is a very young market and there is a huge opportunity here. The situation is ripe for the m-phenomenon. India currently has 100 million mobile subscribers, 45 million credit or debit card holders and over 38 million internet users. 

Incubated by Asianet Satellite Communications, Ifuturz wireless manages the wireless services of Asianet using the shortcode 66777. The company also launched Hi, India’s first 24/7 interactive SMS video voting channel. Ifuturz also provides VAS services to leading mobile operators like Idea Cellular. Ifuturz Finserv,which is self-funded and privately held, is currently in talks with two leading VC firms for raising 5 million dollar funding, to fuel it’s pan India expansion plans. 

For more details about NXTpay contact Anish Achuthan at +91-9947366777 or mail to achuthan.anish[at]gmail.com.