Novopay Solutions, a Bengaluru based startup and a Vinod Khosla incubated company, unveiled the Novopay consumer app and wallet early this week. Using Novopay, consumers can make online payments at the neighbourhood stores and can also send money to their contacts on the phone using the app.
Speaking at the launch, the Silicon Valley technology investor Khosla said, “Novopay envisions to create bank accounts for the unbanked, and allow for mobile based cash less transactions to millions of consumers and merchant locations across India. This technology has the power to bring convenience and complete financial inclusion to every corner of India in the next few years”. Novopay was incubated at Khosla Labs in 2014 and its investors include Khosla Ventures and the financial services conglomerate IDFC, which is about to launch a Bank under license from RBI.
Novopay was the first company to launch a user-friendly Aadhaar Micro ATM based service for banking transactions. The company has over 12,000 retail points across India, through which it s already offering banking and money transfer services to customers since April 2014, in partnership with Bank of India, Axis Bank and RBL Bank.