Our latest interview takes us to Prof. Bhagwan Chowdhry, Faculty of Finance at ISB (Indian School of Business) & UCLA who recently interviewed our founder Miitesh Thakkerr over his show ‘Bhagwan Ke Liye’.
Held over a live webinar, the session was an interesting brief where Miitesh was interviewed around his payment solution, MissCallPay as a reliable payment solution for the future.
“We’ve been hearing about financial inclusion for at least a decade if not more” was the introductory line by the professor. Further, he went ahead to explain the present scenario around how the current financial solutions are only for the financially included.
With a gazillion amount of money spent by unicorn payment companies and a big push by the government, reserve bank and personal push by our prime minister Modi ji, There is still a large mass who has refused to take over the idea of online payments, reason?
Most under-served masses use feature phones. For these digitally illiterate masses even if they own smartphones, using simple mobile apps is complicated plus there are trust issues related to the provider.
To break down the reason into one simple statement, Professor Bhagwan Chowdhry stated it as “payment solutions offered today are too complicated”. Which exactly is the problem statement that MissCallPay intends to address with it’s Ultra Simple user experience, That too using the basic low tech like voice in a patented process.
Further, wrapping his part of the introduction, the expert stated this one line that really summed up the concept of MissCallPay in a nutshell. “Brilliant ideas are the ones’ that are very simple and obvious, seeing which people think that why didn’t I do that”.
Similar is our concept at work.
Wonder what we do?
Miss call is one of the things that has stayed with us for over two decades now and our founder Miitesh, has joined this piece of the puzzle with a simple yet unique payment method.
MissCallPay is the concept of simplifying mobile payments for masses, making things simple for not just end-users from Tier-II to Tier VI regions, but ultra-simple for avid smartphone users and next generation that will embrace voice bots like Alexa , Ok-Google or Cortana.
The concept of developing such an application lies behind educating the masses. As per our founder Miitesh, solutions for masses always need to be very very simple…. Ultra Simple for people like you and me who can be be evangelist and make it simple for others in their family and social circles”
Moving ahead in the webinar, when Miitesh was enquired about the reason to target people with feature phones, here was his answer:
People in Tier III – Tier VI regions use mobile phones primarily for voice, making them stick to feature phones. Moreover, their income prohibits them from purchasing the likes of an Android smartphone, let alone the additional costs that come attached to it in the form of data, backed by the frequent power outages, a routine at Bharat’s hinterland.
Considering the fact that understanding the online payments is hard, feature phones are barely limited to voice. Voice is multilingual and skips the process of using a schema and they only understand numbers’
And if we can make is as simple as entering amount over the keypad, that is how it should work!
Interestingly, to back Miitesh’s concept and to make things clearer for the audience, Professor Bhagwan Chowdhry explained the same with an example of a street-side coconut vendor to which Miitesh added that how people can now make use of 4 digits UPI pin for making payments, no need for scanning QR or data connectivity.
Wrapping up the session, there was this one last question that came in Miitesh’s way and it was none other than “when can we expect the launch of your product?”
The answer: “We are more than 98% done with the development of the application and are focused on improving bug fixes. We have also received our API from NCPI and we expect to launch by early 2021.”
Lastly, with their banking partner as BOI (Bank of India), the upcoming payment solution targets to do commercial testing around 15th Jan and go live earliest by 26th January, 2021.
The best line from Prof. Bhagwan was the last line, wishing Best of Luck to not just MissCallPay but to all of us as a country who is going to witness it first. As we need solutions that are simple, intuitive, easy, and ubiquitous, thus he gave his blessings and at the same time built expectations on MissCallPay to create a mega social impact, and help transform India’s economy, starting this new year 2021.
Do watch the 15 minute video episode and do take the demo to get a first hand experience of what we as the nation are going to witness in this new year 2021.
Try out the MissCallPay experience yourself!