The term “start-up” has been bandied around with increasing frequency over the past few years to describe scrappy young ventures. According to serial entrepreneur and Silicon Valley legend Steve Blank, a start-up is a “temporary organization designed to search for a repeatable and scalable business model.” A start-up, which he argues in the context of the tech industry, should be short for “scalable start-up,” which searches to not only prove their business model, but to do so quickly, in a way that will have a significant impact on the current market.
NEXTGEN TELESOLUTIONS make use of latest technology, as a body of knowledge devoted in creating tools, processing actions and extracting desired results in various domains like Products Secure Banking, Mobile Couponing, Smart Card Solutions, and Mobile VAS Solutions and built around a firm and a positive business model, intended to create tangible values in all the products and business solutions.
Birth of Inspiration behind the Ground-Breaking Technology
Nextgen Telesolutions is the result of a dream of providing affordable, reliable and “secure mobile commerce / Financial services” to a set of customers without the need of a change in the mobile hardware, firmware and also being backward / future compatible on 100% of the devices. This led to the birth of Secure Element based SIM overlay mobile Financial Inclusion solution. The SIM overlay solution is an ingenious technology that allows banking and commerce transactions on ANY mobile device irrespective of its generation, software or hardware configuration. And finally, it brings transactional accountability into a commerce ecosystem which is dominated by a nameless and faceless CASH based payment.
Pioneering Mind, behind the Technology
While the world is chasing the 180-200 Million-user base with their app based services, Taron Mohan a B. Tech Engineer, CEO, determined to focus on the remaining 600 Million users who are on mobile and have no access to any kind of mobile banking / financial inclusion services. Taron has also, launched a very successful telecom software business which laid the foundation of using virtual, prepaid credit for the purchase of entertainment content when the industry and customers were barely understanding mobile communication beyond calling and short message service.
Challenges that steered the way to a Successful Journey
Any new venture begins with a dream and a purpose. Nextgen Telesolutions also struggled with marrying the right blend of hardware with software which would be affordable, adaptable and secure. Sourcing the right partners to bring the vision to fruition was the first challenge. The next challenge was to find the right blend of engineers who would then go and build a platform. The final challenge was of finding the right set of banking partners that would believe and subscribe to their vision of powering cashless transactions for the masses; perhaps this being the most challenging so far, because any new venture needs a partner to kick off with.
Services setting Nextgen at Par in Industry
Nextgen Telesolutions specializes in enabling mobile commerce / banking for customers at the bottom of the pyramid, including customers and merchants.These include the SIM overlay solution; the SIM overlay based mPOS terminal and the TapNPay contactless Payment ecosystem.
The SIM overlay enables banking transactions for customers who cannot afford or do not have access to smart phones or mobile internet. The technology uses SMS, USSD (if available and affordable) and data (if available and affordable) to securely transmit and receive all forms of financial Inclusion services on any mobile device. The mPOS enables a secure and affordable alternative to traditional banking as high cost POS terminals are unsuitable for the Indian operative environment. Built on globally certified certification standards, the solution today has found ready acceptance across multiple customers across Asia and Africa. Contactless Payment is Nextgen Telesolution’s PaaS and coupled with powerful / flexible software intelligence. Riding on the core banking network and integrated with multiple hooks in the FI ecosystem, it ensures a secure, seamless and an integrated, end to end transaction across multiple services.
Elements that Abide Nextgen to Endure Differently
Nextgen Telesolutions is at the precipice of taking its giant leap of faith which they believe will catapult them to become a leading provider of solutions for secure and simple banking and payment transactions. They believe to release their customers from the fear of heavy and sometimes needless expenses, opening new business avenues in the short run and increasing their bottom lines in the long run.
Facilitating Customers by providing effective Telesolutions
Nextgen Telesolutions has built a robust hardware and software led financial platform which is designed to connect customers at the bottom of the pyramid. They are doing everything possible to make their customers’ life much comfortable using integrated mobile technology.
Rudiments, Motivating the Company Ahead
At Nextgen Telesolutions, they BELIEVE in the benefits of digital financial inclusion and that they have an important role to play in making this vision a reality.
Their core values are: believe that all financial dealings should be driven primarily out of honesty and mutual benefit for all participants and the country at large, should be secure and transparently traceable to ensure the trust of citizens. The tools that digitize transactions and make them traceable and secure should be affordable for the masses, along with the benefits of financial growth made available to all. Also, the tools for commerce ought to be in a language understood by the consumer in his or her language and way of working and delivering what is needed at the right time and the right place.