Yeldi Group Selects Identive And NXP For Launch Of First Major Mobile NFC Cashless Payment Solution In India

SANTA ANA, Calif., ISMANING, Germany and EINDHOVEN, Netherlands, Oct. 9, 2012 (GLOBE NEWSWIRE) -- Identive Group, Inc. (Nasdaq:INVE) (Frankfurt:INV) and NXP Semiconductors N.V. (Nasdaq:NXPI) today announced that they are providing innovative near field communication (NFC) payment tags to Yeldi Softcom Pvt Ltd to support the launch of its 'ara eTap' cashless payment application in India. The NFC payment tags are affixed to the back of a mobile phone to enable cashless "tap and pay" transactions.

"Mobile technology is rapidly being adopted by a broad demographic in India, which is spurring significant interest in mobile commerce," said Lakshmi Deepa, chief executive officer of Yeldi Softcom, a subsidiary of the Yeldi Group that focuses on the development of telecommunications technology. "The NFC payment tags from Identive and NXP make it possible for us to equip Indian consumers with the means of making cashless payments and other transactions without the need for a more expensive smart phone with in-built NFC. The tags can be used with both new and existing mobile phones, making the ara eTap application available to the majority of the population. Transactions are secure and the ability to reload cash to the tag adds to the convenience."

With targeted deployment of 300,000 mobile phones and millions of NFC tags, Yeldi Softcom aims to speed the transition from cumbersome, cash-based transactions to a world of convenient mobile payments for Indian consumers. ara eTap customers can use the NFC payment tag to load cash onto their phones from their personal bank accounts or from a special escrow account set up with Yeldi Softcom. In addition to paying for retail items, tag holders can use the application to pay utility bills, recharge mobiles or book movie and travel tickets, and also can earn reward points on every usage. Yeldi Softcom expects to launch ara eTap in the coming months and is currently signing up merchants across India to distribute the NFC payment tags and support the cashless payment application.

If you liked this article you might like

Billionaire Investor Wilbur Ross Confirmed as U.S. Commerce Secretary

China Expects Even Slower Growth, But This Time No One's Panicking

The Inside Scoop on Apple Earnings

The Inside Scoop on Apple Earnings

Goldman Sachs: Financial Winners & Losers

Goldman Sachs: Financial Winners & Losers