Now shopkeepers in Chandigarh will no longer have to depend on point of sale (POS) machines to get payments from their customers as a start-up has developed an application through which payment can be made online from any account linked with the mobile number of the customers.
The announcement was made by director of Mypaymart, Amit Narang, who is behind the creation of the application. Narang spoke about his startup at Cannablem, a programme organised by Chandigarh Angels Network (CAN) in association with department of UIET, Panjab University (PU) over the weekend.
The programme was centred around start-ups ideas for raising funds and panel discussion. 23 investors were invited to invest in the start-up ideas.
Amit Narang said till date all applications developed have been for facilitating customers to make payments but the shopkeepers were not able to benefit from such facility. He said that there are 42 companies which were involved in the payment transactions but customers and merchants were only aware about three to four.
As per records there are eight crore merchants in India out of which 3.5 crore are registered and 4.5 crore are unregistered. The start-up targets to cover around one lakh merchants, especially in the rural areas of the country, within the next one year he said. He added that the company is tied up with State Bank of India through which shopkeepers can receive payments from their customers.
Another start-up discussed at the programme was of selling and buying of old games online. Kunal, who was behind the start- up playX, developed a portal on which anybody can sell his old games and buy new ones online.
How it works:
- The merchant will feed in the mobile number of the customer on the web page
- All the accounts attached with the mobile number will be shown
- Customer can select any bank account to pay the merchant