LivQuik, a mobile technology startup, is soon to launch their mobile wallet. QuikWallet, which will allow its users to store their payments and loyalty cards on their handset, offers the flexibility to go shopping without any need to carry cards, cash or a wallet.
QuikWallet is a smartphone app which allows to make payments at coffee shops, hotels, restaurants, retail outlets and several other shopping platforms. The idea is to build a product that helps people do things – easy and quick – with mobile being the enabler.
The app will be available on various app stores including Google, Apple and Blackberry, as soon as company launches QuikWallet. The app is supposed to go live till May end, claims Mohit Lalvani, founder, LivQuik. Apart from that, the company is also planning to have their app factory – installed in several mobile devices.
How it works for a merchant?
For merchants to accept QuikWallet, they don’t need any extra hardware. The company provides API’s for integration with any Point of System (POS) Software, and merchants can launch a virtual mobile-based prepaid card within QuikWallet. This enables merchants to accept payments from QuikWallet users and even configure their own loyalty program, without any upfront cost, and for that the company charges a merchant per-user or per-transaction fee.
“While other Mobile payment Apps in the Indian / U.S markets rely on a single technology like NFC or QR Codes, we support both and in fact even give option to consumers to simply browse and choose the outlet to make a payment” said Mohit. Other mobile payment solution providers available in Indian market include, M-Pesa, YPayCash, ZipCash etc. Mohit believes better user experiecne and multiplatform integration as the USP of QuikWallet.
The company initially launching with certain Coffee shops and is in conversation with multiple other merchants inc B2C ecommerce companies. As far as the brand marketing is concerned, the company, is currently promoting the brand at its merchant partner outlets and will rely on Digital Marketing activities in the future.
With android market continuously increasing at an impressive rate and technologies such as Google Wallet and Apple’s Passbook already winning in their effort to replace the traditional forms of payment, the industry seems very optimistic. According to a report, global mobile payment market is predicted to increase to 1.2 billion users and USD 2 trillion in transaction value by 2018.
“We see immense market opportunity, especially with India to witness 100 million smartphone users by 2014-15” added Mohit. Well, in addition to impressive figures, the company’s founders indeed seem to be in high hopes, but how Indian public adopt this new trend, and is the market really competitive? or wide open for new innovations? will be showcased in coming times.