OffWallet
can be the answer to the digital divide in fin-tech and other sectors.
BetaBuilds Technologies, a startup from Rourkela, India, today announced OffWallet, a disruptive digital
wallet platform that would enable wallet companies and banks to provide
services to their customers to make transaction without internet.
In India and in many other parts of the
world, one of the major challenges the government and financial institutions
face today in setting up a cashless-economy is due to the lack of internet
infrastructure for providing access to the digital banking and wallets to the
mass. In India roughly 2/3rd of the population do not have access to internet
and most of who live across the rural and the sub-urban areas. Moreover there
are almost half billion feature phone are in use, that do not support smart
features that are typically required in the digital wallet.
To solve this challenge in an disruptive
way, Beta Builds Technologies, a startup from Odisha, India
has announced their patent-pending disruptive solution OffWallet that can be the
answer to this problem. OffWallet, is a
digital wallet innovation that would allow the users to transact money even
without the need of the internet.
This is a technology that can also be
scaled to work with the existing mobile payment systems, digital wallets,
payment gateways to enable them to carry out transactions without the internet
scenarios in a secure way, while keeping their existing transaction experience
for the users seamless. The user experience of the offline transactions would
be seamless, as the user can transact money in the someway as she/he would have
done with the wallets with internet.
The OffWallet platform can be instrumental
in enabling existing digital wallet and banking and finance institutions in
reaching out to their customers in rural, sub-urban areas to provide the
essential services in offline mode without internet via the solution.
OffWallet as a platform for existing bank and digital wallet vendors is
expected to be available initially for Android based phones, and subsequently
in future it would support the feature-phone operating systems such as KaiOS
which has a larger penetration in India via Jio phones.
The solution is also expected to enable
critical services without internet to bridge the digital divide beyond the
fin-tech sector, namely - agriculture, healthcare, governance, insurance,
commerce, hospitality industry, travel aviation, logistics and power and energy
sectors.
The team at BetaBuilds Technologies is recognized under the StartUp-India and has applied under Startup-Odisha initiative, and is in the process of talking to potential investors for funding to scale up their solution.
The team at BetaBuilds Technologies is recognized under the StartUp-India and has applied under Startup-Odisha initiative, and is in the process of talking to potential investors for funding to scale up their solution.
BetaBuilds is expected to have their
working proof-of-concept prototype ready for a public demo by the first weeks
of May 2020.
For more information and investment opportunities,
the BetaBuilds Technologies can be contacted at admin@betabuilds.com.
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