Mobile payment app Ultracash crosses pilot stage

BANGALORE, INDIA: Ultracash, which is being touted as the most innovative mobile payment app conceptualized and developed in India and claimed as way ahead in features, technology and disruptive power than the ones being innovated in the world’s largest tech hubs, says that it has been signed up close to 500 merchants.

These belong to HSR Layout and adjoining areas for a limited test run and have met with extreme positivity from both consumers and merchants, making it available across Bangalore. It has already clocked more than 24,000 transactions in the last two months of pilot run and today has successfully launched it in Bangalore, as added in a press update.

The App already has 20,000 downloads. The Ultracash team goes on to add that it is already deluged with calls from consumers and merchants calling in to open the service in other parts of Bangalore and outside too.  It was developed by Bangalore-based technology innovator, Ultracash Technology Labs.

"You’re good to go if you have a bank account and a mobile phone. Yes, that’s it! No need to preload money into your phone like other digital wallets. You don’t even need to have Internet on your phone or exhaust expensive data plans while making your payments. No NFC chips or special hardware are required. That is what makes it truly revolutionary, disruptive and path breaking." the company explains.

Using a unique ultra high frequency encrypted sound-based technology that is patent-pending, one can pay directly from any of the bank accounts or credit/debit cards to the merchant account using an Android phone (iOS coming soon) with just a tap! "Banking on indigenously built IMPS system from NPCI, Ultracash has created a 100 per cent completely secure Payment ecosystem, which is PCI-DSS certified, adheres to RBI’s mobile payment guidelines and follows the strongest encryption algorithms to ensure complete safety and security of customer’s transactions and data." it states.

“India has more than 20 million merchants and countless home businesses, but only around one million PoS machines are registered. That’s the amount of potential available to convert the paper money transactions floating in the system to digital and cashless. The current PoS registration process is cumbersome, clunky and fast losing relevance. The ubiquitous mobile phone is the new PoS” says Vishal Lal, cofounder, Ultracash.

Umesh Singhal, cofounder, Ultracash said, “The mobile phone is becoming a given extension of our identities and that’s where most technologies are converging. With the innovative Ultracash in your phone you can truly go cashless and have all your payment instruments converge inside the Ultracash Vault Secure and enable you a Pay on the go convenience. I see immense possibilities wrapped around this in the coming future.”