EPaisa is the Keeper of MasterWallets
Co spins its digital wallets business into a new mobile app for merchants who want a no-frills app
Pune: Mobile point-of-sale solutions company ePaisa is spinning off its digital wallets business into a new mobile application, MasterWallets, a top executive of the company said. The new app, launched a month ago, is aimed primarily at shopkeepers who only want a way of collecting payments through digital wallets.
“EPaisa will continue to be fullfledged point-of-sale software offering billing and inventory management,” Siddharth Arora, CEO of ePaisa, told ET.
“MasterWallets is for the mer-
chants who want a no-frills app — there is no physical KYC process (only eKYC) and there is zero cost involved for the merchant.” Payments would be made into the merchant’s verified bank account, he said. Over the last few months, ePaisa had tied up with various digital wallet companies to enable customers make offline payments. MasterWallets is currently integrated with nine wallets, including Freecharge, Mobikwik, Ola Money, and bank wallets like Pockets, Jana Cash and PayZapp.
According to Arora, over the next few weeks, the wallet would be integrated with other payment methods like bitcoins and the unified payments interface (UPI).
Transacting using MasterWallets doesn’t require the merchant or the customer to be online, and this is likely to help more small shopkeepers adopt it. According to Arora, the company is currently targeting auto rickshaw drivers and small shops with an average ticket size of .₹ 500 in the past month. “We’ve had 1,000 downloads in the past month but expect this to go up to 50,000 over the next six months,” he said.