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Targeting to bring businesses at the bottom of the pyramid on the electronic platform, digital payment firm PayTonic has launched an app that allows people with just a feature phone to send and receive money.
Small vendors wanting to receive money have to send their bank account details along with the IFS code to a particular mobile number provided by PayTonic. In turn, PayTonic will transfer a small amount to the bank account of the vendor for authentication. Subsequently, the vendor has to confirm the exact amount received as SMS from the bank, to a mobile number provided by the firm.
Promoted by Frictionfree Payment Solutions, PayTonic is powered by Yes Bank. Mohammed Maccarim Badrudeen, CEO, PayTonic, said “unlike e-wallets, the money is not blocked with us and the transfer happens within seconds.”
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