iKaaz & DCB Bank announce strategic tie up – products to hit the market soon
New Delhi, Dec 23, 2014: – iKaaz, a leading mobile payments company has partnered with DCB Bank Ltd. a leading new generation bank to launch innovative mobile payment solutions for the Indian Market. iKaaz and DCB Bank tie-up is expected to introduce consumer centric products taking the country a step closer towards a cashless economy. As per the agreement, iKaaz will launch mobile payment solutions including its flagship Near Field Communications (NFC) based Tap & Pay product targeting the merchant ecosystem and other related offerings directly targeting the consumers.
Soma Sundaram, Founder and CEO of iKaaz, said, “We are very pleased to partner with DCB Bank on this strategic initiative. The partnership will help in actualizing our goal towards simplifying payments. This collaboration provides another entry point for fast and convenient means of payment acceptance for merchants and simplifying the payments experience for customers. This further demonstrates our commitment to continuously deliver innovative products and solutions to the market.” He said the company will target and address issues within niche use cases where the payments process is cumbersome and painstaking for the value chain.
Murali M. Natrajan, Managing Director & CEO, DCB Bank, added, “Technology evolution is continuously and dramatically changing how banking and transactions are conducted. We are excited to partner with iKaaz who have created a unique cashless tap and pay product. We believe this product can provide huge convenience to customers. We hope that over the coming years iKaaz transforms how payments are made in India.”
About iKaaz
iKaaz is a mobile payments company providing innovative Tap & Pay solutions and offering a convenient and secure way of making & accepting payments. It has an innovative mobile payments platform targeted at enterprises in emerging markets to enable them to extend cashless transactions to their customers. iKaaz is the only player providing an integrated software and hardware solution in a cost-effective manner. They are the pioneers of introducing the affordable NFC technology in India and providing a comprehensive suite of end-to-end mobile payments solutions that include a feature-rich mobile app, an innovative yet cost-effective mPOS (mobile Point of Sale) and a robust payments platform.
About DCB Bank
DCB Bank is a modern emerging new generation private sector bank with 145 branches in 94 locations across 17 states and 2 union territories. It is a scheduled commercial bank regulated by the Reserve Bank of India. It is professionally managed and governed.
DCB Bank has contemporary technology and infrastructure including state of the art internet banking for personal as well as business banking customers. The Bank’s business segments are Retail, micro-SMEs, SMEs, mid-Corporate, Microfinance Institutions (MFI), Agriculture, Commodities, Government, Public Sector, Indian Banks, Co-operative Banks and Non Banking Finance Companies (NBFC). DCB Bank has approximately 450,000 customers.
The Bank has deep roots in India since its inception in 1930s. Its promoter and promoter group the Aga Khan Fund for Economic Development (AKFED) & Platinum Jubilee Investments Ltd. holds around 16.4% stake. AKFED is an international development enterprise. It is dedicated to promoting entrepreneurship and building economically sound companies. AKFED operates as a network of affiliates with more than 90 separate project companies over 30,000 people. The fund is active in 16 countries in the developing world. AKFED had co-promoted HDFC in India in the late 70s.
