Eko launches API to ease financial services, online transactions

GURUGRAM (GURGAON): Mobile-based fintech company Eko has launched Domestic Money Remittance Service through API integration in partnership with more than 10 companies in mobile recharge, travel and ticketing domain.

Eko is rapidly expanding its network and currently has more than 5000 agents across 13 states and 80 cities. Founded in 2007, Eko provides mobile money through its unique 2-factor authentication (2FA) technology. It empowers customers to do secure financial transactions on their mobile phones, including basic feature phones, without installing any software on the phone or the SIM card.

Eko indicates that some of the partner companies include UFX, The Services Online and Yahya Technologies. The partner companies will plug in Eko’s API to leverage the platform for direct connectivity with NPCI, UIDAI, banks and aggregators. Eko further states that it has helped its partners process over Rs 100 crore of remittances over these APIs during a three-month beta testing phase.

Eko has released APIs for its domestic money transfer business which allows companies who have similar business models to plug in these APIs and extend the same to their channel partners. The APIs also allow development of innovative payment & financial services such as digital wallets, P2P transfers and in store & online payments.

Abhishek Sinha, Co-founder & CEO, Eko Financial Services said, “We would like the developer community to leverage Eko’s PPI license and framework of payment APIs and build their own innovative use-cases/products. This is really to further push the agenda of ‘Make in India’ and also contributing towards ‘India Stack’ which is trying to bridge the digital divide in our country.”

Rahul Jain, Product Manager, Eko India Financial Services said, “This is yet another milestone for Eko in domestic money remittance service. Eko is emerging as the most preferred and convenient choice for domestic money remittance service. Our user experience is far superior to existing options and brings in more flexibility, trust and transparency over product & pricing. The API will further enhance UI/UX, making it win-win situation for both Eko and its partners. Together, we look forward to providing higher value to our customers.”