When Bengaluru formed start-up, Momoe, a mobile remuneration app association wanted to announce their app, one of a ways they motionless to do it was by announcements in autos. When they approached automobile drivers, one of them wanted to know if he could use a mobile app for his business so that business could use it though bothering about tiny change. The query threw adult another difficulty of business clients and an event for Momoe.
The singular marker indispensable for drivers to be authorised is a bank account, any explanation of residence and temperament (a driver’s license) and a phone number. Those who don’t have a bank account, they are prepared about carrying one and whichever banks Momoe has good attribute with, a automobile drivers are introduced to. “We found that many automobile drivers have an comment underneath a PM’s Jan Dhan Yojana. A patron has to download a app, enter a ride and make remuneration possibly by debit, credit or net banking. The drivers has to compensate dual percent bank charges. “Right now we are not endangered about revenues though are some-more penetrating on a adoption of a technology,” says Utkarsh Biradar, CEO.
The start-up launched in Aug final year by 5 co-founders — Biradar — CEO; Karthik Vaidyanathan — Head (operations), Ganesh Balakrishnan – Head (markets), Neelesh Bam – Business Development, Aiman Ashraf – CTO — has had so distant 1,000 merchants regulating a app and a user bottom of one lakh people.
The name Momoe stands for mobile income everywhere. “We named it Momoe since it is familiar and is a good review starter,” says Biradar.
The mobile payments app is used to compensate during section and trebuchet (offline) merchants like restaurants, grocery stores, pharmacies, sauna and salons etc. The app is stretchable in terms of remuneration options permitting users to compensate by credit cards, withdraw cards and net banking.
Momoe has tied adult with some-more than 1,000 automobile drivers in Bengaluru to assistance commuters make cashless payments. Commuters will now usually have to enter a driver’s mobile series created behind a automobile driver’s chair or next a meter, and a automobile ride in a App to make a remuneration to a driver. In Bangalore, where mostly a ride is bound though going by a meter, afterwards too a same operations can be put to use.
Currently, drivers from ‘Namma Auto’ and ‘Peace Auto’ as clusters are a partial of this beginning and have started usurpation a remuneration by this app. Consumers will be means to simply brand autos that offer increasing preference by online payments by spotting a Momoe signage.
Raghu Narayanagowda, ubiquitous secretary of Peace Auto, says “It gives us pleasure to partner with Momoe since they are providing technological advantage to a automobile motorist segment. Even automobile drivers who aren’t versed with smart-phones can now accept mobile payments by a Momoe App”.
“Carrying money and anticipating tiny change is a repeated problem for automobile commuters and drivers in Bengaluru. Our new beginning is an attempt to move them on a singular height providing some-more preference and a seamless knowledge of cashless payments,” says Karthik Vaidyanathan, co-founder.
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“Our prophesy of mobile payments when people eat out, emporium and invert is now possible. With a network of 1,000 restaurants and sell stores and 1,000 autos in Bengaluru, Momoe users can truly go cashless”, added Karthik. Momoe is also offering 100 percent cash-back on a initial remuneration and 10% cash-back on all successive payments for users.
There are over 16 ride unions in Bengaluru and Momoe has oral with usually 3 of them so far. They devise to speak to a rest or put out an announcement shortly seeking automobile drivers to use a app.
The association skeleton to enhance to 3 other cities by a finish of a year. “We devise to have a participation in Mumbai, Pune and Delhi,” says Biradar. The association has a 45 percent week on week arise in revenues, says Biradar, adding, “We wish to say a movement till next fiscal,” he says.