Mobile phones today have the power to enable financial transactions between two parties, and recent estimates indicate that close to 2 billion users will be carrying mobile phones with payment processing capabilities by 2015. Consumers are demanding payment and m-commerce solutions in addition to regular mobile banking offerings. Growth is fuelled by young millennials (25 – 30-year-olds) - the generation that is most likely to congregate socially in groups, split the money, use public modes of transport or rent apartments together. At the same time, in the Indian context – 40% of the population does not have access to a bank account in the low-income group and rural sections of society. The Government of India and the Reserve Bank of India have recommended increased access to banking services for the underbanked.
Datavision believes that whether it is bringing convenience to the lives of the urban population or whether it is empowering the rural underbanked, its Mobile wallet solution, DvPay, will help realize the full potential of Mobile Money and help build a robust financial inclusion platform.
DvPay enables payments for the purchase of goods and services like gas filling at petrol stations, grocery payments, vegetable purchase payments, auto-rickshaw payments etc., using mobile phones. DvPay Mobile solution lets financial institutions unleash the power of Mobile Technology to enable end customers seamlessly conduct transactions using their mobile phones in a secure manner. The solution attempts to make the payment ecosystem cash and card free!
DvPay has a robust technology framework-
