Mobile fintech company Eko Indian Financial Services has launched a semi-closed prepaid wallet service in partnership with the National Payments Corporation of India (NPCI) and RBL Bank. The company said Eko Wallet aims to simplify payment options for online buyers and raise deposits through mobile phones from low and moderate-income customers across rural and urban geographies. According to Abhishek Sinha, co-founder and CEO of the company, the company is exploring multiple synergies with its existing partner banks, other banks and other key players in the payments landscape. Through the Eko Wallet, customers will be able to send deposits or remittances to any bank account in real time using IMPS. 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, Eko’s customers will be able to send real-time remittances to any bank account.
