Kolkata-based four-year old startup , Changer Mints that aims to solve the omnipresent ‘nochange’ problem across retail outlets in India, has secured Rs 1 crore from a Hyderabad-based investor Gagan Reddy. The company aims to utilized the raised funds to extend its operations.
As per company’s CEO Mahesh Bhupathi, problem of small change has had a deep socio-economic implications in India as well as in other countries. The company uses Near Field Communication (NFC) that can transfer small amount of data between two devices held at close proximity.
When customers has to pay or collect excess change, they can use the company’s NFC card, tap on the merchant’s terminal to transact through the NFC wallet. The company will soon start talking to banks to directly credited the amount to a person’s bank account.
Company’s offering is similar to Apple Pay which is currently not available in India, however it will face competition from the existing mobile wallet firms like Paytm, Oxigen, Citrus, Mobikwik and more, which already have a certain level of penetration in the country.