How they describe themselves: Nearex aims to empower people by simplifying proximity transactions, such as micropayments, using mobile technology. Nearex was founded by veterans of the mobile and financial industries with extensive exposure to emerging markets where mobile money services are driving large-scale financial inclusion for mostly unbanked societies.
Nearex has realized that enabling cashless, small day-to-day payments using mobile wallets in the emerging world is a business opportunity worth hundreds of billions of dollars annually. Mobile phones address the consumer side of this need, but unless all small merchants can accept mobile payments, cashless micropayments will remain a myth. A solution has to be as easy to use as cash while being affordable for both sides. Nearex has developed Xip, a mobile micropayment solution that meets this very need.
How they describe their product/innovation: The Xip Micropayment System harnesses the widespread presence of mobile phones and rising use of mobile money to create an affordable, simple-to-use cash alternative for all kinds of day-to-day payments.
At the core of the solution is XipPOS for merchants, a low cost credit card size Mobile POS that has its own GSM radio core. It is highly portable, ruggedized, and uses NFC for contactless transactions. The consumers are given XipTAG, a personalized NFC card or sticker connected to their Mobile Money account. Payments are made by simply tapping XipTAG on the XipPOS. The existing mobile phone of the consumer is used as the acknowledgement interface. A cloud-based mediation server facilitates easy scaling and highly secured integration of Xip within a wide range of mobile money and banking environments.
XipPOS can be used individually by small merchants or easily integrated to meet the sophisticated demands of multi-outlet, multi-till retail establishments.
Product Distribution Strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms
Bus. Dev., Press & Sales: Mayank Sharma, CEO, email@example.com