OffWallet can be the answer to the digital divide in fin-tech and other sectors.
BetaBuilds Technologies, a startup from Rourkela, India, today announced OffWallet, a disruptive digital wallet platform that would enable wallet companies and banks to provide services to their customers to make transaction without internet.
In India and in many other parts of the world, one of the major challenges the government and financial institutions face today in setting up a cashless-economy is due to the lack of internet infrastructure for providing access to the digital banking and wallets to the mass. In India roughly 2/3rd of the population do not have access to internet and most of who live across the rural and the sub-urban areas. Moreover there are almost half billion feature phone are in use, that do not support smart features that are typically required in the digital wallet.
To solve this challenge in an disruptive way, BetaBuilds Technologies, a startup from Odisha, India has announced their patent-pending disruptive solution OffWallet that can be the answer to this problem. OffWallet, is a digital wallet innovation that would allow the users to transact money even without the need of the internet.
This is a technology that can also be scaled to work with the existing mobile payment systems, digital wallets, payment gateways to enable them to carry out transactions without the internet scenarios in a secure way, while keeping their existing transaction experience for the users seamless. The user experience of the offline transactions would be seamless, as the user can transact money in the someway as she/he would have done with the wallets with internet.
The OffWallet platform can be instrumental in enabling existing digital wallet and banking and finance institutions in reaching out to their customers in rural , sub-urban areas to provide the essential services in offline mode without internet via the solution.
OffWallet as a platform for existing bank and digital wallet vendors is expected to be available initially for Android based phones, and subsequently in future it would support the feature-phone operating systems such as KaiOS which has a larger penetration in India via Jio phones.
The solution is also expected to enable critical services without internet to bridge the digital divide beyond the fin-tech sector, namely – agriculture, healthcare, governance, insurance, commerce, hospitality industry, travel aviation, logistics and power and energy sectors.
The team at BetaBuilds Technologies is recognizedunder the StartUp-India and has applied under Startup-Odisha initiative, and is in the process of talking to potential investors for funding to scale up their solution.
BetaBuilds is expected to have their working proof-of-concept prototype ready for a public demo by the first weeks of May 2020.