Iwaymedia to launch SMS based payment solution

Iwaymedia, an applications company for windmill manufacturers, is planning its foray into mobile consumer services. It is planning to launch Iwaycash, a cash on mobile concept, in the country by January 2010 using prepaid debit cards. Through this service, customers will be able to top up through their existing bank accounts or by depositing cash. These cards can also be used in ATMs for withdrawals.
“This is the first time that we are getting into consumer services,” Parameshwaran Pillai, one of the partners at the company, told Telecom Yatra.
The company has developed a three tier security code of SMS Messaging concept for consumers so that they can send an SMS to conclude their transactions without any fear on online risks.
The service does not need software downloads and can work well with ordinary phones. It follows simple SMS based instructions to make payments for shopping, utility bills and money transfers.
Iwaymedia, with its channel partners, will expand their team with pan India operations, who will be working under their respective channel partners to provide ground zero support to mobilise dealers for the payment services and to provide logistic support for the communication of payment related information to the utility services including various government departments.
Iwaymedia is promoted by a team of engineers with over 20 years of experience in custom design embedded information systems. The research and development oriented project design department designed the windmill monitors to ease the maintenance process involving the repair works on the turbines. The company’s client base includes NEPC, PIONEER, INDOWIND, ASHOK LEYLAND, SG REVA and NIF.