The solution, to be marketed as PAYSNAP, will provide merchants and end-users an open and interoperable platform delivering a uniform transaction experience across payment channels and will support various funding sources, including India’s national payment system UPI, as well as credit and debit cards.
A customer-facing application for Android and iOS will allow users to recharge prepaid phone balances, pay utility bills and send money and gift cards to other users, as well as to make purchases both in-store, on-the-go and online.
The technical foundation of the service is Cellum Mobile Next, the company’s secure transaction platform already in use in several European and Asian markets. The solution is PCI DSS 3 Level 1 compliant; payment credentials are secured by a unique combination of tokenization and data fragmentation, which has resulted in an outstanding zero percent fraud rate, even after a decade of live operation.
M-Snap will provide a Software Development Kit and support, allowing merchants to connect to the service and start accepting digital payments from users. The company will also provide a merchant-facing mobile application allowing connected merchants to send targeted offers and promotions to users. M-Snap will be the exclusive partner of Cellum in India.
The joint venture will aim to reach at least 50 million smartphone users in India within five years. Besides the established m-payment offering, Cellum also has plans to bring to the market new services based on MasterCard’s solutions, including SIM-independent contactless payments and MasterPass.
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