Few days after Mobikwik’s power wallet, customers can make payments on the retailer’s platform without being re-directed to Mobikwik for payments.
Snapdeal-owned Free-Charge had filed patent for its alternative to the SMS-based one-time-password.
Mobikwik claims almost 100% success rate in processing payments compared with the industry average of about 60%.
"The implementation of power wallet can also be done through tap payments or through the nearfield communications technology where retailers can accept contact-less payments," Bipin Preet Singh, founder and CEO of Mobikwik told ET, adding “it is a pretty unique proposition; worldwide there is no such thing since a person's identity, authentication and payment can all be done under the retailers interface by using the underline technology system off the shelf.”
It seems filing patents has become a fad among new age payment companies.