With Momoe, Phones Become Wallets

Mobile payment app can now be used at select grocery shops too

Published: 19th September 2015 05:15 AM  |   Last Updated: 19th September 2015 05:15 AM   |  A+A-

QUEEN’S ROAD: Ever discover while standing at the billing counter of a grocery shop that you forgot your wallet at home? Next time this happens, you can use mobile payment app Momoe to pay your bills.

Bengaluru-based start-up Momoe, which was launched in August last year and works with a wide range of retail chains including restaurants and salons, has now joined hands with more than 35 grocery chains in the city including local ones ‘Families’, ‘Food Palace’, ‘Meat’ and ‘Eat Fresh’. At present, its service is available in 60 stores across the city.

wallets.jpgCarrying small change at all times can be cumbersome. Momoe enables users to pay restaurant, spa and salon bills and even auto drivers in a convenient and hassle-free manner. For instance, users can see their tab, split bills and pay through their phones without even having to wait for the bill at a restaurant. They can export to the app contacts of friends with whom they would like to split the bill; the app lets them choose how to split the amount. The payment options include credit card, debit card, net banking and mobile wallet. Following RBI guidelines, Momoe ensures security through One-time Password (OTP) and Verified by Visa (VBV) systems.

With smartphones in vogue and data packs becoming cheaper, Momoe looks to encourage cashless transaction whenever and wherever possible. According to the company, the app already has 1.5 lakh users and has facilitated about 50,000 transactions so far. An average of 5,000 people use it every week.    

The app, inspired by similar success stories in the West, was launched after the founders conducted an extensive study on the purchasing and payment behaviour of customers. Team Momoe plans to make forays into other metros in a year. Ganesh Balakrishnan, one of the founders of Momoe, said, “Users can get information about the places they can go (to eat/shop). Momoe also enables smart payment through mobiles. It is in the forefront of changing the payment mode.”

“Merchants too can get information on potential customers. In our market study, we learned about the payment modes customers use and the problems they usually encounter. Momoe is the solution,” he added.

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