The Eko Wallet aims to simplify payment options for online buyers and raise deposits via mobile phones from low and moderate-income customers across rural and urban geographies.
Eko Wallet enables customers to send deposits or remittances to any bank account in real time using Immediate Payment Service (IMPS) extended by the NPCI. Earlier the facility of real-time domestic money transfer was limited to the customers of banks that Eko had partnered with. However, now, with the Prepaid Payments Instruments (PPI) license and its partnership with the NPCI, Ekos customers will be able to send real-time remittances to any bank account.
The wallet will also offer utility bill payments, retail merchant payments, one-click mobile payments and other emerging mobile money capabilities customers via its apps and point-of-sale presence.
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