Bangalore based mobile payments solution provider, iKaaz, has launched its new mobile payment platform for enterprises which will broadly cater to two main areas of the payments market (view press release).

The iKaaz Consumer Wallet for Enterprises will allow businesses such as banks, operators and merchants to offer mobile wallets to their customers.

The iKaaz M-POS provides a system that allows payments to be settled electronically using a mobile phone. A further feature of the new system is the iKaaz Tap & Pay, which allows merchants to receive payments with a tap on the phone at the checkout terminal by using NFC technology.

Founder and CEO of iKaaz, Soma Sundaram said of the iKaaz M-POS solution: "On one hand, customers can transform their mobile phones into a mobile wallet using a smart iKaaz NFC tag and complete payments faster at merchant locations. On the other hand, merchants can benefit by significantly reducing the transaction processing fees typically paid for conventional settlement.”