iKaaz partners with Adigas restaurants for tap & pay solution

November 28, 2014 4:13 PM

FHW Staff- Mumbai Ikaaz, NFC based payment space in India, has joined hands with Adigas, a chain of popular traditional South Indian Restaurants, run by RadhaKrishna Adiga. Together, they are introducing NFC based closed loop payments for Adigas’ customers. The joint initiative would be first launched at Brahmin’s Coffee Bar located in Basavangudi, South Bangalore […]

FHW Staff- Mumbai

Ikaaz, NFC based payment space in India, has joined hands with Adigas, a chain of popular traditional South Indian Restaurants, run by RadhaKrishna Adiga. Together, they are introducing NFC based closed loop payments for Adigas’ customers. The joint initiative would be first launched at Brahmin’s Coffee Bar located in Basavangudi, South Bangalore and then across all the other restaurants of Adigas.

Tendering the exact monetary change is still a big challenge in the retail and restaurant business, which continues to cause a lot of inconvenience to the customers and merchants both. iKaaz, with their NFC based payments is bringing in a unique value proposition and solution through this new collaboration.

Under this initiative, NFC Cards/tags are issued to customers mapped to their mobile phones to enable micropayments. Customers can load amounts between INR 100 to INR 10,000 with the annual transaction limit set at INR one lakh.

Soma Sundaram, founder and CEO, iKaaz said, “The NFC based Tap and Pay technology plays a crucial role to bridge the problems faced by restaurant owners and customers with respect to change issues, long queues at the counter, etc. We believe that the solution will work particularly well in places where there is queuing to make payments, especially at food joints. This technology brings in a lot of convenience as one can avoid the consequent delay in making payments and also because it eliminates the need to carry cash.”

Adiga added, “We often find it difficult to provide loose change to customers. Coins of smaller denominations like INR one and two are becoming scarce and sourcing them from regular channels like banks and the RBI is cumbersome. Sometimes we are forced to source loose change from agents who charge around 10 per cent commission for the coins. The solution provided by iKaaz will eliminate change issues to a large extent and based on the feedback from customers; we would like to extend iKaaz’s solution to Adigas’ food joints and restaurants across Bengaluru.”

iKaaz, dedicated to provisioning technologically advanced tap and payment solutions is thus easing monetary transaction processes for customers and merchants through collaborations such as these. Similar ventures are in the pipeline for the mobile payments company.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1UP govt to start distributing tablets, smartphones among youth by November-end: CM Yogi Adityanath
2Three killed, apple orchards suffer extensive damage as snowfall, rains hit life in Kashmir
3No one can stop this wind of change, says Amit Shah in Jammu and Kashmir; questions previous governments