No change? No problem: Now pay Bengaluru autos with Momoe app

When Bengaluru based start-up, Momoe, a mobile payment app company wanted to announce their app, one of the ways they decided to do it was through announcements in autos. When they approached auto drivers, one of them wanted to know if he could use the mobile app for his business so that customers could use it without bothering about small change. The query threw up another category of business clients and an opportunity for Momoe. [caption id=“attachment_2376952” align=“alignleft” width=“380” class=" “]  Logo[/caption] The unique identification needed for drivers to be eligible for Momoe is a bank account, any proof of address and identity (a driver’s license) and a phone number. “We found that most auto drivers have a bank account under the PM’s Jan Dhan Yojana,” says Utkarsh Biradar, Co-Founder and CEO, Momoe. Those who don’t have a bank account are guided by Momoe to whichever banks the mobile payment company has a good relationship with. All that a customer has to do to access the app is to download it, enter the fare and make payment either through debit, credit or net banking. The auto drivers have to pay two percent bank charges. “Right now we are not concerned about revenues but are more keen on the adoption of the technology,” says Biradar. Mobile money everywhere The name Momoe stands for mobile money everywhere. “We named it Momoe because it is catchy and a good conversation starter,” says Biradar. The start-up was launched in August last year by five co-founders –  Biradar - CEO; Karthik Vaidyanathan - Head (Operations), Ganesh Balakrishnan - Head (Markets), Neelesh Bam - Business Development, Aiman Ashraf - CTO.  The mobile payments app is also used to pay at brick and mortar (offline) merchants like restaurants, grocery stores, pharmacies, spa and salons etc. The app is flexible in terms of payment options allowing users to pay through credit cards, debit cards and net banking. Momoe has 1,000 merchants so far who are using the app and a user base of one lakh. Tie-up with auto drivers Momoe has tied up with more than 1,000 auto drivers in Bengaluru to help commuters make cashless payments. Commuters will now just have to enter the driver’s mobile number written behind the auto driver’s seat or below the meter, and punch in the auto fare into the App to make the payment to the driver. In Bengaluru, where often the fare is fixed without going by the meter, the same operations can be put to use. Currently, drivers from ‘Namma Auto’ and ‘Peace Auto’ as clusters are a part of this initiative and have started accepting the payment through this app. Consumers will be able to easily identify autos that offer increased convenience through online payments by spotting the Momoe signage. Raghu Narayanagowda, general secretary of Peace Auto, says “It gives us pleasure to partner with Momoe because they are providing technological advantage to the auto driver segment. Even auto drivers who aren’t equipped with smart-phones can now accept mobile payments through the Momoe App”. “Carrying cash and finding small change is a recurring problem for auto commuters and drivers in Bengaluru. Our new initiative is an endeavour to bring them on a single platform providing more convenience and a seamless experience of cashless payments,” says Karthik Vaidyanathan, co-founder. “Our vision of mobile payments when people eat out, shop and commute is now possible. With a network of 1,000 restaurants and retail stores and 1,000 autos in Bengaluru, Momoe users can truly go cashless”, added Karthik. Momoe is also offering 100 percent cash-back on the first payment and 10% cash-back on all subsequent payments for users. There are over 16 transport unions in Bengaluru and Momoe has spoken with only three of them so far. They plan to talk to the rest or put out an advertisement soon asking auto drivers to use the app. Expansion plans The company plans to expand to three other cities by the end of the year. “We plan to have a presence in Mumbai, Pune and Delhi,” says Biradar. The company has a 45 percent  week on week rise in revenues, says Biradar, adding, “We hope to maintain the momentum till next fiscal,” he says.