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December - 2015 - issue > Startup of the Year : Digital Payment

NextGen Telesolutions: Futuristic Payments Technology with Wider Scope of Services

si Team
Tuesday, December 1, 2015
si Team
How convenient would it be if you had your mobile handle all your everyday financial transactions andspare you the exasperation of ransacking your wallet to pay parking/toll ticket or saves you a walk by recharging your metro card via an SMS from your phone directly and most importantly, with banking grade security? Seems like a page from a sci-fi novel? Think again. Aptly named as NextGen Telesolutions, this Noida-based startup debuted in 2012 presents a futuristic device-agnostic solution which can cover 100 percent of the mobile base and enables them for secure everyday financial transactions with contactless TouchNGo payments.

While the world is chasing the 40 Millionuser basewith their app based services, Taron Mohan (CEO) determined to focus on the remaining 800 Million users who are on mobile. Enabling penetrations at the lowest levels in the ecosystem,NextGen leveraged its indomitable hardware development & designing skills to offer its solution at an economic price, which is just 1/10th of typical contactless hardware solution - both for customers and merchants.

Pioneered several technologies with his prominent venture Mobisoft Technologies 15 years ago, there was an inclination to do something interesting on mobile banking, payments & wallets (a virgin area in 2012) catering to the masses.Traditional SMS/USSD banking is unsecure and wallet services uneconomical for small value transactions, Taron predicted that adding the contactless capability to any device would make this a killer solution for developing economies.

Hence, NexGen used the base technology available of an overlay secure element and added capabilities (memory, OTA, security & encryption) for banking/payment, wallet and money transfer services and built the ecosystem after meticulously studying almost all the use cases in banking/payments industry.Adamantly pursuing best possible quality, finding the right chip source was an uphill battle for NextGen. The company got its extremely intricate chip designed to handle itsingenious requirement on the service STK menu and built a simple GUI / STK menu to offer services close to the App based services.

Built a basic demo for select few users on the secure lay for basic buy-in, the company that has been operating on stealth mode has now integrated customer's backend services to its platform for a full pilot run. Aside from the fact thatNextGen spoke customer's language and the solution was in sync with their expectation, Taron's past performance & credibility also went in NextGen's favour, as he is renowned for delivering promised competence. Having already signed upseveral major banks in the private sector, NextGen is also in advanced discussions with private/PSU/payment Banks, PPI holders and m-Commerce companies.

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