HapPay, peer-to-peer payments on mobile

Driven by the unprecedented growth in the internet usage and a tech savvy generation, mobile payment industry seems to be picking up in India. Having already existing companies like M-Pesa, YPayCash offering mobile payment solutions, new players are constantly trying to fit in the space. Recently, LivQuik launched their mobile payment application which allow shoppers to pay offline stores through mobile.

But where all these companies allow payments between users and businesses, a Bangalore based startup HapPay has come up with a slight different approach.

HapPay is a mobile application which allow peer-to-peer payment solutions with mobile being the enabler. Its simple, fast and secure mobile wallet enables users to share payments with their friends, family or colleagues in a few seconds. “HapPay is the Paypal for mobile numbers” describes Varun Rathi co-founder at HapPay.

HapPay works on GPRS, where all the communication with server are 256 SSL encrypted (military grade) and all transactions are protected by an individual’s MPIN.

Currently focussed on simplifying peer to peer payments, mobile and DTH recharge, the company is soon planning to expand payment services for merchants at brick and mortar stores. “With the kind of technology implanted, we do not need any extra hardware to be installed at the POS. It can be easily integrated with their current POS or any mobile phone which the person at the counter has” added Varun.

Although it is a free app, one must register to use it. Once registered, a user can transfer the money to another HapPay installed mobile phone, using net banking or debit/credit card. HapPay needs a 4 digit PIN to authorize a transaction, making it more convenient and fast, while still taking care of the security. The company has partnered with Zipcash (RBI Certified) for the same.

Only available on Google Play Store at the moment, the company is soon launching its application for four other platforms – iOS, Blackberry, Windows and Symbian. In around a month’s operations, the company has already crossed a 1250 download mark for its app.

As far as its monetization is concerned, the company allows free p2p transactions, but charges when a user does bank transfers. Further revenue streams will get added as soon as the company opens its services for offline stores. HapPay was among one of the seven startups tLabs selected for its spring 2013 batch.

Undoubtedly, the industry provides a good scope for Indian mobile payment companies to succeed. According to a report, gross transaction value of mobile payments in India will rise to a total of USD 8 billion in value by 2016. However, with a number of companies entering the market, customer acquisition could be a hard game to play.

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