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About fonePaisa Team
Sharad Hegde (Founder Chairman) was the first employee (non-
founder) of Infosys and has also been CTO at Infosys. Sharad was the
chief architect of Finacle. He is a graduate from IIT Chennai and a
post-graduate from NITIE, Mumbai.
Ritesh Agarwal (Founder COO) is from Branch Banking background.
He has worked with ICICI Bank and big software companies like
Polaris, Fidelity and Misys. He has CBS implementation experience
at international banks. He did PGDM from TAPMI, Manipal.
C. S. Prasad Subramanian (Director-Technology) was Head – Finacle
CBS at Infosys. He was chief product officer at iCreate software. He
was director and founding partner at IncValue Advisors Private Ltd.
He did his PGSM from IIM-B.
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Toooooooo Many Payment Options
Customer is NOT loyal to a specific payment option for loyalty, but for greed of offers and discounts….
Customer is overwhelmed with soooooo many apps for payments…
All corporate logos and trademarks are acknowledged.
Bank’s Mobile Apps Semi-closed Wallet Apps
Closed-loop Wallet Apps
But Prominent in
Would customer actually download
so many payment apps….
ANSWER IS NO
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Current Payment Options
No mobile app supports user approval for merchant/bill payments
Other than Cash...cards & wallets are the only payment options
Card MDR is high….
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Challenges in current merchant payments
No Player currently offers bank-agnostic IMPS based merchant payments
Bank’s mobile app
can serve only their
SMS based IMPS
USSD lacks UI and has too
Does not support merchant
IVR takes much longer to
1. Lower MDR
2. Real Time Settlement
3. Agnostic of issuing bank
4. Fast Transaction
5. Economic COD operations
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What to do now….?
Divorce the merchant acceptance of specific payment mechanism and customer choice of source of fund
Payment App Aggregation
is need of the hour
Issuing Bank Sponsor Bank
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Trusted Party Application
SPONSOR BANK INTERFACE
Display for user
to approve / reject
User Enters mPin
To approve txn
Bill Invoice Details +
Customer Mobile No.
Biller sends invoice details
on buyer mobile
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1. Our ‘Mobile Banking’ app already has IMPS
Push capability, then why should we partner
2. Is FP allowed to receive mPin?
3. Will FP support Pull/Push txn?
4. Does fonePaisa require specific phone type
or a mandatory data plan?
1. mBanking app serves only bank’s
customers. FP would bring business
from other banks’ customers also.
2. NPCI allows sponsor bank to certify 3rd
party trusted app to receive mPin.
3. Yes. We shall Push/Transfer from
consumer app and Pull transactions
from merchant app.
4. fonePaisa works with all consumer
phone types, even without data plan. In
the absence of data plan, fonePaisa app
communicates over Encrypted SMS.
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What else in fonePaisa…?
1. Compete with Cash Payments
2. Compete with card based payments
3. Launch QR Code based app
4. Launch Web-based Payments
5. Complement bank’s mobile strategy
6. Technical advancements : NFC, BLE
As we grow over time