With a Platform-As-A-Service or a Full Service Solution, NextGen enables partners build a secure Financial Service offering on “any mobile device”, from the original Nokia 5110 to the modern day smart phones, and take to the masses a 360 degree offering on Financial Inclusion services. Built around payments / money transfers and more, deeply and securely integrated with the mobile as a base technology platform, NextGen has included banking, wallets, cards, money transfers, bill and utility payments / top-ups supported by retailer mPOS terminals and multiple Financial Instruments into a unified service menu on a secure overlay element, affixed on an existing SIM card and used with any mobile device. Mobile network and bearer independent, it’s a one of its solution globally with this wide a service envelope on a single platform.
NextGen is helping clients expand their service portfolio and penetrate untapped customer segments with a highly secure offering, integrating their secure overlay banking platform as a back end and enabling customer services on the secure overlay menu. With added capabilities of a low cost mPOS terminal for merchants / agents, enabling merchant acquisition at the lowest level, virtual debit / credit cards and full service banking on the secure overlay, this is a unique proposition to global customers. The edge of zero cost card issuance and management, enabling M-Visa and MasterPass as a contactless solution on any device is futuristic and a roadmap for expanding financial services at the bottom of the pyramid. Adding the 2 Factor Authentication (now 3 factor) for online / mobile payments without the SMS based OTP, secure tokenisation of customer ID mapped to Aadhaar#, cards / bank accounts or any other digital identity, enhances transaction security. EMV capability with Contactless Payments on any mobile device brings in a lot more capabilities to the service envelope.
Venturous behind NextGen
Taron Mohan, CEO of NextGen Telesolutions, a dynamic entrepreneur, graduated in Engineering from IIT Delhi. From building engineering products which included music systems to Air-jet weaving looms for Mafatlals, to backpacking across Europe in a princely sum of USD 1000 for 6 weeks which included a Eurail pass, food and stay, he graduated to set up the country’s first precision sheet metal fabrication facility for the electronics, communication and telecom industry. In 1994, he moved into cutting edge CAD / CAM services for the sheet metal industry.
Later than he came in the mobile boom and set up the country’s first mobile VAS service company – Phoneytunes.com. Next, he dabbled a bit into HD Glass Free 3D screens for mobile devices / laptops / PC screens in partnership with a laboratory in Korea and also Green power solutions for Telecom Towers. Unfortunately, he could not move in well into these and then moved into building and enabling secure payments on mobile devices – looking at the ecosystem differently and as a technology solution, breaking the regular moulds of the banking industry. This is where he build this “secure overlay” and “contactless” financial services solution, enabling secure financial services on any mobile device, network and bearer agnostic.
“It’s this ecosystem that we’re trying to change and disrupt… enabling everything on a mobile device and making this the center of all data storage and transaction initialization, with multiple financial instruments hosted on this unified interface.” says Taron.
The services doesn’t stop here – they’re providing advanced banking grade security using private / public encryption keys, EMV / 3DES security and encryption, contactless capability for instant, low cost micro payments, a self-service and an assisted service model / menu offering, enabling low cost mPOS terminals on the same hardware – regular and contactless, virtual card issuance – zero cost card management for the issuers, Customer “pull” / Merchant “push” payment capabilities with a user alias, added security in transactions, Banking, wallets, money transfers, bill payments, top-up, cards and more on the same platform.
Catering to both user segemenets – an existing company, wanting to bring on additional capabilities for their customers or a new company wanting to start afresh on everything, they help add an new service avenue to help clients tap an uptapped and yet a very large customer base for secure financial services
NextGen has built a lot of innovation and unique design features into their solution to make it unique, disruptive, different and future proof. This approach enabled them innovate with the solution and take to the industry a product offering meeting or exceeding their current service requirements. NextGen’s next development on enabling any mobile device become a secure contactless terminal for Merchants and the capability to upgrade any mobile device to a contactless device, with EMV certifications, further broadens the scope of a fully digital ecosystem for payments. We can replace any Visa / Master Card / Rupay card virtually on a secure microSD card, thereby, working towards a 100% virtual ecosystem for payments.
The company enjoys learning and working with the banking sector – handling multiple banking switches, encryption and data security at the lowest end of the mobile devices and then building an easy to use interface for their partners to use.
Most Secure and Affordable Ecosystem
By bringing wallets and direct integrations with cards and banking services at every user mobile device, NextGen hopes to bring about a change in the way consumers transact at any point. A major factor to enabling these services at the lowest end of the pyramid is the capital cost and the operational costs for the services. This is our strength and we’re expanding on this – building an extremely low cost ecosystem for merchants and consumers for secure transactions at every transaction point.
NextGen Telesolutions: Secure Financial Services on Any Mobile Device, Network and Bearer Agnostic
