NextGen TeleSolutions: Crafting Low-Cost Contactless Payment Solutions for Masses

CIO Vendor We are now aggressively moving towards the realization of a cashless society. While debit and credit cards dominate the market, contactless payments offering the least “friction” in payment transactions are coming in and supported by transit, where it’s only contactless, volumes on transactions should see a huge surge here. Providing further insight into what is driving its popularity, Taron Mohan, a seasoned technocrat and the Director of NextGen TeleSolutions shares,“Contactless payments which take care of closed and semiclosed loop cards and open loop cards are steadily catching up in the trend due to their security features that prevent card value loss, misuse or data breaches.”

NextGen TeleSolutions, a provider of payment technology solutions, adheres to global standards, specifically aligned to the security requirements detailed in ISO 12812 when it comes to “mobile financial services/encryption and card/data security” In all their products. Standing at the forefront of solution delivery ecosystem, NextGen TeleSolutions has put forth a ground breaking solution that is amongst the “certified firsts” in contactless payment solutions. The innovative platform accepts all card types, from closed to semi-closed such as food court and transit cards and the open loop cards such as Visa, Master, and RuPay into a single integrated solution platform. The platform is coupled with advanced features that enable virtual card storage on any mobile and boasts of capabilities to enhance any mobile feature or smart Phone to become an NFC capable device. The platform further expands to enable the entire Financial Inclusion ecosystem features that include integrated and interoperable offering across transit, banking, wallets, money transfers, bill and utility payments and merchant payments including QR code. The mobile
financial ecosystem is enabled through a SIM overlay or a smart secure element enabled NFC capable microSD card.

In all our solutions, the core strength is the security and the secure data storage /encryption and transport capabilities

The professionals at NextGen TeleSolutions have made extensive use of technology at the backend; how ever the UI of the platform has been greatly simplified for use by the masses and has been designed keeping the business requirements at the last mile in view. Speaking about the robustness of the platform, Taron Mohan delineates,“In all our solutions, the core strength is the security and the secure data storage/encryption and transport capabilities brought into a service even for the basic feature phones, which meet the exact requirements of the banking ecosystem, allowing us to host and offer a full banking service portfolio.”

Emphasizing that for the growth of contactless payments, both legs of the transactions have to enable TapNPay, Taron Mohan adds that the Noida based firm aims to deliver low-cost solutions enabling TapNPay for the masses to accelerate adoption using transit as the base for customer adoption and extending this to acceptance at all financial transaction points. The firm is currently working on multiple global projects - majority involving the migration to a combined ecosystem for handling closed and open loop cards and the others involves enabling the banking ecosystem move to a low-cost contactless offering. Lastly, it is worth noting that global majors in the payment ecosystem have recognized and commended NextGen TeleSolutions for its work and have extended their support to continue its efforts.