Mobile-based fintech company Eko and payment solutions service provider Pine Labs today announced the launch of the world's first domestic money transfer service through Point of Sale and card swipe devices at over one lakh merchants across India.
"With this new service, we aim to leverage Pine Labs' extensive network to reach out to millions of citizens to help them transfer money in a quick, convenient and secured way," Eko India Financial Services Private Ltd Co-founder and CEO Abhishek Sinha said in a statement.
He said the company was proud to partner with Pine Labs, and this was another milestone for them in their quest to leverage technology to enhance the lives of citizens.
For merchants, the service would convert the card swap device from being a cost-centre to being a revenue opportunity through charges levied for money transfer and bill payment, the statement said.
Existing infrastructure can be leveraged to not only accept payment from card customers, but also enable to securely open wallets and transfer cash to any IMPS-enabled bank account nationwide, increasing ROI for merchants, it said.
The partnership would enable Pine Labs offer prospective and existing merchants a better value proposition through revenue generating PoS devices, the statement said.
The partnership will enable citizens to do domestic money transfers, credit card, telephone, mobile bill payment service and DTH recharge (in cash) through PoS/Card Swipe devices at a network of over one lakh merchants across the country, it said.
"Customers will get a convenient, secure and reliable money transfer facility, while merchants will get new customers and opportunity to earn more.
It is a win-win situation for merchants and customers, plus will go perfectly with our governments' financial inclusion agenda," CFO Pine Labs Vikas Bhasin said.
Recently Eko had launched its Indo-Nepal remittance (money transfer) services in partnership with Nepal's Prabhu Money Group and also launched its Prepaid Wallet, authorised by the Reserve Bank of India.
