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

The Economic Times - - Disruption: Startups & Tech - Priyanka.San­gani @times­group.com

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.

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