YTS Solutions, which provides services to micro customers, has introduced the MoSa Pay, a mobile based easy online salary disbursement solution.
YTS claims this is the first time such a product has been implemented in India.
According to YTS, MoSa Pay empowers the unbanked by providing customers in lower income groups access to mobile wallets for effective and timely disbursement of salaries. Targeted at SMEs (Small & Medium Enterprises) having direct or indirect employee strength of 50-50,000, MoSa Pay assists employers to open an employee account on a mobile wallet, disburse physical cash to digital at source thereby managing monthly salary transactions using a simple customized portal.
With this solution, mobile wallets become a powerful tool acting as a key enabler for financial inclusion transcending beyond recharge, utilities and shopping payments.
Shweta Aprameya, Founder & CEO, YTS Solutions said, “A vast majority of Indian migrant population remains unbanked with limited or no access to the financial services. MoSa pay is a step towards addressing the challenge of under-banked audience to become ‘mobile banked’ by disbursing salaries right to their mobiles and thus bringing in not only transparency but ease of transaction for the migrant segment.”
MoSa pay enables easy digital salary linkage between the employer and employees, de-risking the need of manual cash management and additional paper work. Using MoSa Pay, employees can accumulate money in digital form as well as effortlessly transfer money to their families through a simple SMS, keeping the salary and income information secured.
Mahadev Gondlekar, Managing Director, M SQUARE Facility Management Services said , “MoSa Pay has made it easier salary disbursement of our employees working on different sites and locations. It has considerably reduced our cash handling risk and saved valuable time.”