Lastmile.Mobi transitioned from being a digital wallet to a financial last-mile enabler
LastMile.Mobi is a combination of proprietary mobile handheld solution combining biometrics along with card payments deploying a secure, certified cloud platform for faster processing of transactions. A financial institution typically takes three to four weeks to acquire and on-board a new customer. The delay is attributed to the identification and verification steps taken before the actual collection or payment. Digital signature at doorstep takes almost 20 days. The firm aims at getting it completed within 24 hours.
Offering Platform as a Service (PaaS), the solution deploys workforce, empowering organisations to perform instant consumer identification (eKYC), digital payments, and geo-verify addresses on consumer’s doorstep using an in-house developed solution for the mobile platform, that can be integrated with a device. The solution can be used in instances of last-mile transactions, including by e-commerce companies making deliveries, at rural retail shops, by fieldworkers needing biometric verification and by banks and insurance agencies for verification.
The seven-year-old company has a licence to operate a digital wallet but it was the challenge of being an integrated payments platform that brought it fresh energy. Lastmile.Mobi now offers so-called ‘last mile’ financial services such as online ‘know-your-customer’ documentation for banks and finance institutions, payments collection for ecommerce and logistics companies and authentication.
Jay Krishna, founder of Lastmile.Mobi while speaking about the transition mentioned,
“We are a plug-and-play solution that works with banks, insurance firms and logistics companies to leverage a part of the entire payments piece,”
He further added,
“With the pivot on solving the last-mile (requirements), we have three pilots going on and one customer already for our platform. We are currently working on e-KYC for our banking and insurance partners and ran a pilot for a municipal corporation in Hyderabad for cash disbursement to wage workers using biometric and geo-tagged attendance.”
The company is also running a pilot for scholarship disbursement with government agencies and another for automating payment of wages to municipal workers on contract.
“We are also working with chip-set makers to customize (our) devices,” said Krishna. “Businesses pay on a subscription model to deploy the payment platform.”