NextGen Telesolutions: Futuristic Payments Technology with Wider Scope of Services
Date: Tuesday , December 01, 2015
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.
Much Better than Device Based Wallets
Pouring over 18 months of effort,the company has built a huge barrier for anyone attempting to replicate its revolutionary technology. \"With a device, network & OS independent technology, the chip can accommodate your banking applications, wallets andpayments.We have built a universal technology that looks into much wider scope of services. Besides 100 percent device capability to convert to contactless, the solution has the ability to handle transit payments and dual mode wallets (online & offline), which can\'t be handled by device based apps/wallets,\" explains Taron.The company can help upgrade any device to compete in banking, wallets andpayments with the latest in the market - iPhone 6, Samsung Pay and more. The company expected that the contactless solution would be 6-8 months away, but since it\'s a demand of today, the company had to pre-pone the product delivery and that too with additional capabilities.However, as a blessing in disguise, the delivery of advanced wallet solutions by the larger players has made NextGen\'s sales pitch easier and accelerated its customer adoption.
Open Rung for Passionate NextGenners
While the employees from Taron\'s previous organization formed the core of development team, the rest of team is comprised of freshers. Since the whole technology is a mix of telecom/banking/encryption,it has been quite challenging for NextGen to build them into a single \'head\' quickly. Fortunately, the company is enriched with passionate people, who adore Taron for bringing in novel domain, technologies, products, ideas and challenges.
\"This factor has always been adding a competitive edge for our solutions,\" asserts Taron like a proud father. The sweet startup environment of NextGen is a fusion of flexible and formal processes. \"While vesting utmost importance on delivery of product, our developers also follow a formal documentation process for outlining all activities, flows and requirements. Reserving ample time for employee education on overall product expectation, we test every week for the delivery scope and fine tune as we go along,\" adds Taron. Being a promising startup in a sunrise industry, the whole rung is open for NextGenners to grow wherever and however they wish to.
Having got its product operational with committed capabilities, the bootstrapped company that hadbeen declining investment offers has now opened its door for investors and anticipates raising a first roundof about $3 Million. It further plans to hire a small team of BD/customer support to take over customer discussions.NextGen envisions revolutionising the digital banking ecosystem with its disruptive technology offering and changing the way mobiles are used for banking. With everything falling on right place, NextGen will soon emerge into a force to be reckoned with in the payments industry.
Taron Mohan, CEO
Having been an entrepreneur for over 30 years, Taron has learnt the nuances of building a company, running a bootstrap operation and building a product that delivers what customers need in future. This IIT alumnus is a serial entrepreneur and a valiant innovator, who brings in the technology & development capability to the organization.
Offerings: Mobile Couponing, Smart Card Solutions and Mobile VAS Solutions
Clients: Major Private Banks