With each passing day new technologies are coming up to make humans life simpler and easy. MegPay is a new revolutionary centralized financial & payments technology startup which is finding the ways to solve payments problems for economic change.
A number of ground-breaking innovations are disrupting the financial sector and facilitating easy transactions by linking Aadhaar card to the customer’s credit and debit cards. In this segment, MegPay Systems is a new invention which is invented especially for common bank users. This is developed by Panigrahi Labs and based on Unique Identification Card (UID) technology.
Aashish Panigrahi founded Panigrahi Labs in 2015 to develop a number of scientific tech software to make human life easier. Currently Aashish, an inventor and technologist is working on MegPay Systems. He says, “This technology will help to promote the mass adoption of real-time payment systems all along centralizing the entire payment structure in India.” He has applied for more than 15 patents associated with Aadhaar Card based payments technology and working on all the related products together. He shared that all these technologies will be applied in several sectors including e-commerce, healthcare, education etc.
Technology Linked to Aadhaar or UIDARS
Panigrahi claims that this technology is totally going to change the current face of money transaction systems in India. He adds, “We are coming up with a bunch of innovations to make payments transparent and simpler especially for the common users. Simultaneously, it will also help the government and banks to keep track of an individual’s finances and help in investigating financial fraud cases easily.” Furthermore, MegPay is a more secure than most of the current payment systems deployed in India as it utilizes two secure layer systems which uses the conventional code based entry as well as proprietary recognition technology – “Unique Identification Card Advanced Recognition System” or UIDARS. UIDARS can detect and alarm the users about unauthorized usages and block the locations all in real time. This technique can be used for the purpose of e-governance by associating the social security schemes such as for payment of student loans, receiving cash under various government schemes and others.
So far money distribution system is in clutter form in India because there is huge complexity at every level in the banking and financial systems. More problematic is common users are exploited at every level. According to World Bank report there are more than 700 million bank accounts in India. A citizen can hold multiple accounts in multiple banks at multiple locations which make it really difficult for user to centrally access his bank accounts for making transactions easily.
In addition, if the user doesn’t have access to the specific account’s credit/debit card associated with the account he can’t make payments. Moreover, Panigrahi is aiming to target these pain point areas and hopes that the developed technologies will truly empower common people as well as the enterprises to do safe and secure payments hassle free and cost just 0.5 – 1 percent of total amount of transactions.
Making Accessible to all Users
MegPay Systems is a financial technology right to use for anyone who has an access to a unique identification card and bank account. The biggest consumer base of this technology is common people who have to send or receive money. Moreover Indian government has currently passed the Aadhaar bill. According to this bill, using Aadhaar/UID card for receiving benefits of social security schemes is necessary. So bringing access to Aadhaar/UID card based payments technology to masses will favour government’s various policies’ framework automatically. The second biggest user will be government itself as the government agencies who are investigating frauds or other crimes such as economic offenses need access to a citizen’s transaction database. Panigrahi adds, “We are also scaling up to make this tech work even without a bank account adding several other users.”
Below is a proposed preview of MegPay’s WhatsApp and Telegram messenger based payments technology
As this technology disrupts the payment systems, it affects the usage of Credit card, Debit card and many other forms of transaction technologies including digital wallets, MasterCard, Visa, American Express etc. Unified Payments Interface is also in competition as it is leveraging smart phones for payments through UID cards. However MegPay systems is made to be device independent which means a person can make payments with or without access to internet/smartphone. Moreover, Panigrahi is developing algorithms to make this technology even accessible to people without any bank accounts to make receive payments.
Challenges MegPay is Facing
There is huge uncertainty in development of regulatory policies in India. Increasing amount of financial regulations is one of the key challenges that will make little difficult for MegPay to grow swiftly. Another biggest roadblock is bringing this technology to the full scale require funding but most of the startups like Panigrahi lacks funds. He adds, “Right now we don’t have sufficient capital for applying for potential patents which we can receive in this sector and even above that for running a payments processing company which provides credit, the processing company needs to provide initial capital during transaction which means a company should have that much capital in the first place.”
We wish Panigrahi good luck for what he has planned to do!