Mobile payment startup LIVQUIK has bagged angel funding from Snow Leopard Technology Ventures. Mohit Lalvani, Co-Founder and CEO at LivQuik, did not disclose the amount of funding but confirmed that the round was completed a month ago.
The Mumbai based startup plans to tap payment market in Indian retail ecosystem. QUIKWALLET, a mobile wallet will be launched soon. It allows app users to get rid of cards, cash or wallet.
LivQuik was founded by Mohit Lalwani and Yudhajit Nag in April 2012. The application will be available across all mobile platforms and will be launched in private beta in November. Payment and loyalty cards can be stored on mobile handsets and payments can be made by “Check-In” or “Pay now” feature.
Retail outlets such as coffee shops, cafes, restaurants and others will be integrated in the app; customers can use Near Field Communication (NFC) or Quick Response (QR) code to complete the payments.
Merchants can easily integrate the API with point of sale (POS) software or can accept payments using a web based terminal. It will give merchants an edge as they gain more insights on consumer behaviour. These are early days for such a service in India as the success of QR codes and penetration of NFC based readers and devices are still being debated. However, done right, this could become a great business in the mobile payment ecosystem.
We spoke with Mohit Lalvani, Co-Founder and CEO at LIVQUIK to find out some key challenges associated with mobile payments in India.
Are their any regulatory challenges in launching the Quikwallet?
Yes, there are regulatory challenges like not being able to do recurring billing on Card transactions. But we’ve worked around and built the product in a way that satisfies all regulations.
Have you partnered banks as mobile operators need to do to provide cashless wallet services?
In India, companies that typically store users and merchant’s money are defined as wallets. We’re not a “wallet” the way it’s defined in India because we don’t store the user’s money. The payment process is just like an e-commerce transaction for users.
Do retail merchants you will signup need to have an interbank mobile payment service?
Most other products that have been tagged as competitors are actually services that allow consumers to pay for utility services like telecom, DTH etc. or peer to peer payments. There is no app in India today, where I can walk into a coffee shop, restaurant or supermarket and simply pay from my phone. That’s what we’re set out to do.
What is the market opportunity?
It’s huge considering there are almost 50 million smartphone users in India and this number is set to double by the end of the year.