Over a period of time, the mobile commerce technology has evolved from SMS based services to USSD to native apps, mobile internet and others. The availability of a variety of mobile channels has not only enhanced the security of transactions but has also helped the customer by providing better look and feel. While these are the changes on the technology side, more and more countries are opening up their regulatory space to accommodate the mobile channels. Sensing these transitions in the mobile commerce market, Amarnath Chowdary, a serial entrepreneur along with his other partners started ModeFinServer, a company that provides a single server for all type of financial transactions. Amar, who has mostly worked in the field of technology based delivery channels, realized that mobiles are fast becoming an integral part of human lives and how mobile commerce is the way forward. "More than motivation, it was the market based facts which helped us pick this field," explains Amar, CEO, ModeFinServer.

Incepted in 2011, ModeFinServer is a mobile commerce, mobile banking and mobile payment solutions provider with solutions in areas of mobile banking, agency banking, internet banking solution and so on. The company is an acronym for "Money on Demand Financial Server Platform" which empowers the customers with access to financial services through mobile and internet. It supports SMS, USSD, GPRS, IVR, NFC, STK, Web, Downloadable Native Apps and Mobile Browser (WAP and HTML5) delivery channels leveraging on a single multi-channel platform. "Our unique, powerful USSD based agency banking/branchless banking enables the banks to reach the bottom of the pyramid. As the solution deals with financial transaction, we also give utmost importance to security," adds Amar. But few years ago, in India, USSD was hardly used by banks for service delivery. In past year, the Indian regulator have relaxed the usage of USSD technology in banking services. On the other hand, social banking is enabling banking services on social sites or integration of social sites into the mobile banking. Cross boarder transfers on mobile, intra bank payment transfers on mobile, mobile based cheque deposit and probably replacing the plastic card with mobile phone for virtual currently are on cards. This is where Amar witnesses a huge potential and is geared up to leverage them.

An Array of Services

With its main focus on mobile banking & internet banking, ModeFinServer is mainly into agency banking, mobile wallets and others. The company offers mobile banking and agency banking on enterprise license and SaaS which are quick to market and can be integrated with any core banking or back end systems. It also reduces the hassles for any telecom connectivity, need for hardware and software solutions and provides 24x7 dedicated staff to support the customers. "Our services are complaint to PCI/PCA DSS and other leading payment consortiums to guarantee security and protection," he adds.

Addressing the Challenges