Future Wave

paymentssoftware/whitelabel/apis-payments

FOUNDING YEAR:
LOCATION: India
Last Update: 08/09/2020

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About

Future Wave Technologies

MEDICI Analysis

Future Wave is payment platform which will help users to make payments at retails outlets, shop online, withdraw and transfer money in a safe, efficient and hassle free manner.It develops Paybyte mobile payment product which allows consumers to pay for their purchases with their mobile phones using the app to make virtual credit / debit cards payments, netbanking, peer to peer transfer, make purchases with their loyalty points or bill the same to their mobile carrier.

Focus

PRODUCTS & SERVICES

PAYBYTE - a QR code based mobile payment solution that enables card payments, UPI, IMPS and Utility Banks payment. Merchants accept payment without the use of a physical POS. Star MATE - a wearable women's safety product that also features contactless payment. Star GEO - a beacon product that enables marketing broadcast using Bluetooth Low Energy.

REVENUE MODEL

The Business model of PAYBYTE consists of the following: A one time charge of Rs. 1000 per Merchant. Transaction charge of Rs. 0.50/- per transaction. In case of utility bills payment, it would be 0.5% on an average ticket charge of Rs. 200/-

MAIN CLIENTS

Online retail consumers & Merchants

company provided insights

Traction

ACTIVE USERS:

150

ACTIVE USERS COMMENT:

We currently have an Android app and soon will also be on apple devices. Our data and transaction is SSL protected and we use the Cloud to store data working with AWS. Tie-up with Bank's Customers and Merchants. Advertise in local print media and radio. Use flyers and merchant based advertising using beacons. Will be using a Loyalty Rewards program to attract and retain customers. We plan to deploy a Loyalty Rewards program for customers to on-board and retain them as well. We will tie-up with Bank's and enroll their customers and merchants. The advertising channels will be social media, print, radio and TV. The Customer Acquistion costing would broadly be weighed as Advertising - Rs.1cr, Communication to Bank's customers and merchants - Rs.50lacs. Production of beacons and advertising at Merchants - Rs.5cr. Radio ads and flyers - Rs.15lacs We will be adding the following features to the app: UPI / IMPS and biometric login coupled with AI. We will launch in the suburbs of Mumbai and gradually scale up to different parts of Mumbai in the 1st Qtr of 2019. This will then be followed by all metro roll-out in Qtr 2 & 3 followed by Tier 2 & 3 cities in Qtr4. We will compleet integrating a Loyalty progam in Jan 2019. This will be followed by the marketing campaign including social media campaign and radio advetising and later print and TV.

People

FOUNDERS

Aldrin Alphonso

BOARD MEMBERS AND ADVISORS

Marc Japhet

Pinkeh Jain

NUMBER OF EMPLOYEES

1-10

company provided insights

Momentum

FUNDED

NO

LISTED

NO

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Future Wave

About

Future Wave Technologies is technology company that develops products using the future wave of technology. It has developed two products. The first is a women's safety wearable product called Star MAE and the other is PAYBYTE, a payment platform which will help users to make payments at retail outlets, pay utility bills and earn reward points. PAYBYTE allows consumers to pay for their purchases with their mobile phones using the app to make virtual credit / debit cards payments, UPI / IMPS transfer and make purchases with their loyalty points or bill the same to their mobile carrier.

Focus

PRODUCTS & SERVICES

PAYBYTE - a QR code based mobile payment solution that enables card payments, UPI, IMPS and Utility Banks payment. Merchants accept payment without the use of a physical POS. Star MATE - a wearable women's safety product that also features contactless payment. Star GEO - a beacon product that enables marketing broadcast using Bluetooth Low Energy.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Small and Medium Business - Physical Retail

Consumer

PRODUCT ATTRIBUTES

On-premises

White label

Customer facing

Traction

ACTIVE USERS/ACCOUNTS:

150 Million

ACTIVE USERS COMMENT:

We currently have an Android app and soon will also be on apple devices. Our data and transaction is SSL protected and we use the Cloud to store data working with AWS. Tie-up with Bank's Customers and Merchants. Advertise in local print media and radio. Use flyers and merchant based advertising using beacons. Will be using a Loyalty Rewards program to attract and retain customers. We plan to deploy a Loyalty Rewards program for customers to on-board and retain them as well. We will tie-up with Bank's and enroll their customers and merchants. The advertising channels will be social media, print, radio and TV. The Customer Acquistion costing would broadly be weighed as Advertising - Rs.1cr, Communication to Bank's customers and merchants - Rs.50lacs. Production of beacons and advertising at Merchants - Rs.5cr. Radio ads and flyers - Rs.15lacs We will be adding the following features to the app: UPI / IMPS and biometric login coupled with AI. We will launch in the suburbs of Mumbai and gradually scale up to different parts of Mumbai in the 1st Qtr of 2019. This will then be followed by all metro roll-out in Qtr 2 & 3 followed by Tier 2 & 3 cities in Qtr4. We will compleet integrating a Loyalty progam in Jan 2019. This will be followed by the marketing campaign including social media campaign and radio advetising and later print and TV.

LIVE USERS/TRANSACTIONS:

Yes, in trial/pilot

CHANNEL STATUS

NO SALES YET

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES