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QuikWallet raises $1.6 mn from Livquik Technology

Livquik Technology India Pvt. Ltd. promoted QuikWallet, has announced that it has secured $1.6 mn

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Sanghamitra Kar
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MUMBAI, INDIA: Livquik Technology India Pvt. Ltd. promoted QuikWallet, has announced that it has secured $1.6 mn in follow on funding from its existing investor Snow Leopard Technology Ventures.

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Including this round of funding, the venture has in all raised $2.1 mn and is looking to raise $5 mn in Series A financing.

The venture currently caters to about 1000 restaurants and small merchants with a Gross Transaction Value (GTV) of Rs. 50 Lakhs and growing rapidly on a monthly basis.

Mohit Lalvani, Co-founder & CEO, LivQuik Technology India Pvt. Ltd., said, “The line between online and offline is blurring with offline merchants wanting to sell online and vice-versa. On the other hand, banks need to compete with mobile wallets and have to provide a similar solution for their customers. We have now expanded our offering to own the customer whether they transact online or offline, where we work with banks as issuers on our platform. With our open approach, we are trying to create a standard and our DNA of being customer and merchant driven, provides a distinct edge in doing so.”

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“Payment options available today require a 16-digit card number and further authentication for online transactions. For offline they require the merchant to have a POS terminal. And for mobile, banks need to implement additional software and hardware to enable NFC payments which makes them expensive to implement and maintain. Posing constraints in a cost-conscious market like India, our vision is to bring down the barrier for a merchant to accept payments using just an SMS & NFC tags with no data connectivity or hardware terminals required,” he further added.

QuikWallet’s merchant connect platform interfaces with its consumer facing app, enabling businesses and consumers to transact fast and secure.

The USP of the platform is that merchants require no hardware whatsoever and sensitive payment information never enters the merchant environment.

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