iKaaz, a Bangalore-based mobile payments solutions provider, is launching two new mobile payment products tailored to enterprises (view press release). The iKaaz Consumer Wallet for Enterprises allows enterprises such as banks, operators and merchants to offer mobile wallets to their customers for payments.

“The iKaaz solution can be delivered in the form of a mobile app across all types of mobile phones, as well as through SMS and USSD channels for lower-end phones that do not support apps,” said Soma Sundaram, Founder and CEO of iKaaz. “With the iKaaz app, account holders of a bank or prepaid can initiate money transfers and merchant transactions, customers can pay bills and subscribers of mobile / DTH service providers can recharge their accounts with just their mobile phones."

The second solution is the iKaaz M-POS which allows merchants to replace POS equipment with a mobile phone that accepts payments electronically. With the iKaaz Tap & Pay solution, that leverages NFC technology, merchants can receive payments from customers by tapping a phone at the checkout terminal.

"On one hand, customers can transform their mobile phones into a mobile wallet using a smart iKaaz NFC tag and complete payments at merchant locations. On the other hand, merchants can benefit by significantly reducing the transaction processing fees typically paid for conventional settlements," Sundaram added.