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.
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.
Online retail consumers & Merchants
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.
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TOP PROBLEM SOLVED:
The problems we addressing are:
Safety concerns for Consumers while making card, net banking and cash payments specifically card fraud.
High Costs associated with POS, transaction fees & recurring charges dissuade Merchants from accepting electronic payments.
No one-stop solution exist for payments, recharges, bill payments, net banking, IMPS / UPI payment acceptance, utility bill, and USSD platform payment.
PAYBYTE is the mobile payment product that enables a SEAMLESS, SIMPLE & SECURE mobile payment experience for the customer, both the cardholder and the merchant. With PAYBYTE, the merchant does not need a POS to accept credit / debit cards or for that matter does not have to have a separate device for accepting UPI / IMPS payments. Similarly the cardholder need not operate separate apps to transfer money with UPI / IMPS. The POC have been carried out with small merchants and the user feedback has been encouraging.
PAYBYTE is a QR code enabled payment system. Merchants can accept card payments without the need of a physical POS. Besides, merchants can receive payments from customers through UPI / IMPS and will also earn Loyalty rewards. Similarly, cardholders too can pay using multiple options such as cards, IMPS, and UPI. The cardholder can make utilitu bills payments. There are also Loyalty rewards for cardholders.
The other advantage PAYBYTE Offers is that it doesn't store the card data on any of its servers rather it uses the device's TEE setup and the transactions based on tokens and session timed out.
PAYBYTE can be summarized as a Safe solution that uses tokenisation, 128bit encryption, session based. Has a simple and east to use UI. Has seamless integrated options such as Cards / IMPS / UPI / Utility Bill pay. Simple and quick on-boarding process and multiple login options with AI used to detect unusual transaction activity.
Merchants don't have to store card data or "own" the transaction process.
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.