In the ever-evolving payments industry, advancements made in the name of added convenience and consumer preferences typically call for new and improved security measures. Unfortunately, the enhancements in cyber security and fraud prevention typically mean less convenience for consumers making payments and the businesses accepting them. Now, there’s an authentication technology that’s transforming the way payments are processed and improving security at the same time. Biometrics are changing the game.
Biometrics could add a very valuable layer of security to the payments we make every day. By using the completely unique identifiers of the human body, authentication is much harder to fake. Other great benefits of this technology include the elimination of need for pins and passwords that can be easily forgotten and a much faster authentication process. This new technology even eliminates the need for an actual card or to be present or physically used.
Leveraging this upcoming technology, Tapits Technologies has come up with an innovative and disruptive point-of-sale (POS) device, Flngpay, which allows you to make payments card-less, cashless and mobile-less.
Tapits is the first company to enable IRIS based biometric payments. Last year, Tapits successfully completed a pilot with ICICI Bank at the experience center where employees did payments authentication using Iris. Now it has been launched for all clients of Tapits and is running successfully.
The Company is an expert in providing a cost effective and secure payment collection solution to their corporate client, which helped them leverage their existing infrastructure. They enabled their executives to convert 30% of their cash collection operations to digital. Cash collection is the most crucial part for the BFSI companies and Tapits has contributed significantly to it bringing the ease, speed and simplicity to it.
Tapits is currently working with various State Governments to roll out biometric-based payment and banking solutions across that state’s collection centers. Moreover, they are working with an external organization, leveraging on their connections and the shared vision to integrate their solutions with the state’s system.
The Leading Force
Pratyush Halen, CEO of Tapits Technologies, has a Bachelor’s in Computer Science. He started his career with Amdocs as a software designer. At Amdocs his team won the Amdocs Innovation Contest for developing a USSD based solutions for the rural sectors in India. This win fueled his desire to start his own venture and work in the direction of servicing the rural sector of India. In April of 2016, along with Anuraag Agarwal, he co-founded Tapits Technologies Pvt Ltd, a biometric based payments application.
Since then, Pratyush has come a long way in creating a suite of banking products and services while juggling the expectations of multiple Banks. As the team grew to 22+ members, the daunting responsibility of creating internal growth has been a major role in his profile.
After working incessantly on the strategic level decisions, the essentials tasks such as compliance audits bogs down Pratyush, who ends up working most Sundays!
Exceptional Services
Tapits technologies was founded with a mission to bring about digital and financial inclusion in India. Their group has come together after personal stints in digital payments, banking technology and telecommunications, to build an innovative, simple and secure mechanism to enable digital payments and documentation for the rural India. Riding on the Aadhaar wave they have built a suite of products and services to achieve the mission.
They provide biometric enabled products like Aadhaar Pay, eSign, eNACH, AEPS- Cash at POS, Withdrawal, Deposit, Balance Inquiry and Mini Statement. They also provide services like Fund Transfers, Corporate collection solution, and Merchant management services.
Their solution provides retail market customers to make payments bare pockets. Along with providing biometric POS devices and complete solution to accept payments which are more convenient, fast, simple and secure.
Their most innovative product, FligPay, enables making payments card less, cashless and mobile-less. Tapits also does technology consulting in the FinTech domain, providing innovative solutions to Banks and Insurance Companies. It also does custom solution development based on the needs of the industry.
Challenges Faced and Opportunities Gained
The Indian government is increasing their efforts to push Digital economy and transactions. The spillover from their campaigns has increased the awareness for allied products. Over 1.12 Billion Indians hold an Aadhaar card and more than 600 Million have linked their bank accounts with Aadhaar. These developments have put Tapits, through its brand Fingpay, in a favorable position to scale up the operations in the rural markets.
Though, the major challenge remains to be consumer education and capacity building, Tapits is currently evaluating various partners to help counter this challenge.
Tapits is the first fintech startup to receive seed funding from the India’s top private lender ICICI Bank in February 2018. Tapits has also received a grant funding from Catalyst through USAID for working in the Financial Inclusion significantly making an impact in the life of rural people bringing them access to banking services.
Future Endeavors
At Tapits, they are venturing into creating an end-to-end unique solution for BFSI companies based on Blockchain and Artificial Intelligence technology, which will solve the payment and collection difficulties in an efficient and a cost effective manner benefitting the companies as well their customers.
Source :-The 10 Most trusted Biometric Companies
Tapits Technologies: Innovating the Way of Payment Options through Biometrics
