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QuikWallet Grabs $1.6 Million To Tap Into India’s Surging Cashless Payments Segment

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Powered by the rapid growth in e-commerce, m-commerce and the overall online payment scenario, transactions via cashless payment methods have seen robust growth. And startups have been a major force in fuelling that growth. One such startup, QuikWallet, which lets you pay via your phone on leading food outlets, has grabbed $1.6 Million in its angel round from Snow Leopard Technology Ventures.

Quikwallet is a mobile app, currently available on Android and iOS, which stores your card information, locks its securely with a passcode, and lets you pay with one or two taps on some of India’s leading food outlets.

The app offers multitudes of payment mechanisms, like SMS, NFC, QR codes, Web/Mobile Apps and a POS Software, thus virtually allowing anyone with a mobile phone to pay, without the need of cash or credit/debit card swipes.

Similar to how PayTM’s mobile wallet works, Quikwallet too asks for your phone number for making an account and logging in. Phone numbers are genuinely unique and thus makes it more secure to have them as your identification proof.

To make sure your transaction is secured, QuikWallet is PCI DSS 2.0 certified and uses Verisign certified 128-bit encryption technology. Quikwallet has 1,000 partner restaurants and small businesses, claiming a gross transaction value of Rs 50 lakh per month.

 

Including the current round, QuikWallet’s parent company Livquik has raised $2.1 Million till date, with a $500K seed round raised earlier.


 

Editor-at-large and co-founder at The Tech Portal. He is a tech enthusiast with interests in new-age technology fields like Ai, Machine Learning, AR/VR, Outer Space and related stuff. Drop him a mail anytime, very reachable.


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