Tapits Technologies Private Limited is a fintech startup company formed in April, 2016. It is working on the very innovative product called “FingPay” which makes payments at retail stores of India using customer biometrics. Fingpay would allow customers to pay for products, services and utilities at offline stores without carrying cash, credit/debit cards or mobile phones. The customer can pay bare pockets and does not require any registration, application or physical entity. It would be very helpful for Financial Inclusions as well. The company is working on the biometric POS (Point of Sale) machines with required standards and certifications to be installed at merchants. POS machines are equipped with latest technologies like biometric fingerprint readers, barcode scanners, wifi, 3g, gprs, gps etc. The POS terminals are intelligent terminals which can do various processes like Billing, Attendance, Inventory Management etc unlike current redundant POS terminals which can only process payments. They are developing their software and applications to support it. They have partnered with HDFC Bank and DCB Bank for their innovation and processing payment. The system is said to be highly secure and fast compared to conventional payment mechanism. No frauds and chargebacks could happen with it as a customer is authenticated using Aadhaar in real time. No revelation of sensitive customer details to merchants and vice versa. The product once implemented successfully will promote Digital payments, Digitalization of currency and Financial Inclusions. It would also promote PM Digital India Initiative and PM Jan Dhan Yojana as directly bank accounts get linked to Fingpay. They are also offering fully digitalized on boarding application for offline as well as online merchants. No paperwork required and on-boarding would become faster and cheaper with many real-time verifications. Also they have extensively worked on Aadhaar based verifications and eKyc.
It is a new Innovative technology and process discovered by Tapits Technologies. They won HDFC Bank Digital Innovation Summit 2016 and Axis Bank Payment Hackathon 2016. They have got a lot of media attention from YourStory, INC42, VCCircle, EconomicTimes etc for their Innovative product. The company is founded by Mr. Pratyush Halen, a young 1992 born entrepreneur from Indore city, India. I would strongly recommend them to be qualified for all the benefits of PM Startup India campaign as they are doing commendable work which is a disruptive technology.