Category: m-BUSINESS & COMMERCE
Original title: EKO
Producer: Abhishek Sinha ,Matteo Chiampo ,Anupam Varghese
Organisation: Eko India Financial Services (P) Ltd.
Location: New Delhi, INDIA
Platform: Number Based
EKO has pioneered the delivery of basic banking services through the mobile phone by developing an open source platform called EKO SimpliBank that connects banking and telecom infrastructure seamlessly.It leverages the fact that a user’s 10-digit mobile number can be used as a unique identifier and thus as a personal bank account number. Therefore, every account number is mapped to the corresponding mobile number of the user.To either deposit or withdraw the money, user visits the next-door retailer. The experience is similar to the experience in recharging the prepaid mobile account balance. No other solution works as seamlessly and as instantly as EKO SimpliBank without requiring any additional installations, downloads or point-of-sale devices for smart-cards or biometrics. The project has partnered with two of India’s largest organizations i.e. AirTel and State Bank of India (SBI) and has crossed the mark of 50,000 customers.