Pre-Paid Solutions for Mobile Based Micro Payments
Many Application Developers currently offer or intend to offer paid services to the end customers through their mobile applications however the transaction value of many such offerings are of low ticket size.
End consumers intending to avail these services may not prefer to use their credit / debit cards to initiate micro payment transactions. To address this issue Telecanor has developed a ‘Pre-Paid Stored Value Account’ solution for facilitating Micro Payments over third party Mobile Applications.
All that a customer will be required to do is to create a virtual ‘Stored Value Account’ over the website of the respective company, fund this account by using his credit card / debit card OR his net Banking Account and use this Stored Value Account for initiating Micro Payments through the mobile Application.
The store value pre-paid account platform is authorized by the Reserve Bank of India and adheres to all the rules and regulations advocated by the Apex Banking regulator.