Interview with Abhinav Srivastava, Founder,X-Pay : IMPS Mobile Payment application

You went to a restaurant/canteen and you run out of cash,Is that ever happened to you? Or have you ever thought of this situation. Don’t worry we have a solution for this,“X-Pay –payments from mobile phones”.Founded by Alumni’s of IIT Kharagpur , Abhinav Srivastava and Prerit Srivastava , X-Pay is the most convenient way to make instant secure payments from your mobile.It’s main aim is to give the smoothest mobile payment experience from Person-to-Person payments to merchant payments both online and offline.

Since in this advanced age of technology, when we can pay from mobile phones then why should we go for conventional cash payments. This amazing app covers almost all the canteens and restaurant in IIT KHARAGPUR. Just download the app and enjoy its features.Rise People !!

You can download X-Pay app here  from Google’s Play Store .

We, @ Comptalks , mailed some of the relevant questions to the founder of X-Pay , Abhinav Srivastava , and here is the reply that we got. We hope it contains everything that you need to know about the app.

Comptalks : What is X-Pay?
X-Pay : X-Pay is a multibank mobile payment application which facilitates real time money transfer across different banks with no transaction fee.
CT : What are its features?
X-Pay : 1. Common user Interface for all 26 banks that we support.
2. X-Pay lets you discover your phonebook friends for making payments without the pain of adding each of them manually. This feature similar to the one in Whatsapp adds convenience and reduces human errors.
3. In an upcoming version you will also be able to perform 1-click Mobile Recharge and payments to sites like on your mobile.
CT : How a student in IIT KGP gets benefits from X-Pay?
X-Pay : An IITKGP student can make real time funds transfer among his friends 24×7 from his mobile.
He can also pay to canteens of various senior halls like Nehru , RK, MMM, Azad , Patel.
Other Merchants like Billoos, Sahara and Goyal Infotech are also supported and we are making efforts to add most of the vendors in kgp campus.
X-Pay reduces the time spent in withdrawing money from ATM’s and aims to make the first mobile payment campus ecosystem.
CT : How is it different from conventional payment?
X-Pay :Conventional payment systems includes Cash, Cheque, Net Banking and Card Swipe.
Cash/Cheque requires you to visit an ATM/Bank. Net Banking requires Internet and is not real time in Inter Bank Payments. Swipe machine is costly and carries a transaction fee which is absorbed by the merchant.
X-Pay tries to address all such issues by giving an Instant, cost effective, secure and 24×7 payment solution which can be used to pay to your friends, merchants, online shopping on your most intimate gadget.
CT : How many banks do you support?
X-Pay :We currently support 26 Banks including SBI, PNB and Citibank.
CT : Workflow of X- Pay?
X-Pay :X-Pay acts as UI layer for making payments. It sends the payment request on behalf of the user to the concerned bank. Money never flows through X-Pay Server.
CT : Who runs X- Pay?
X-Pay :X-Pay is run by Qarth Technologies founded by Abhinav Srivastava and Prerit Srivastava (Passing year, 2009 IIT Kharagpur). We currently operate from Bangalore and are about to raise Seed Fund.
CT : List of shops/canteens which X-pay supports?
X-Pay :All Canteens of senior halls, Goyal Infotech, billoos, Sahara. We need more student volunteers to add more shops in IIT Kharagpur.
CT : Tell me about its security features/ is it secure?
X-Pay :It uses two-factor authentication for authenticating a payment request.
One factor is your SIM card and other is your Mobile PIN issued by the bank.
For an attacker to impersonate a payment request he needs to have the victim’s SIM card as well as his secret MPIN. This makes it safer than an ATM card which just requires the ATM PIN.
Moreover money is transferred from one account to another which can always be back traced unlike a cash withdrawal from ATM
CT : From founders note?
X-Pay :We both started our career with Iviz Security. Prerit worked in the technology domain and Abhinav in Network Security R&D. Working in a startup was fun. We laid our hands on all kinds of technology from Web Security hacks to Cloud Computing, Java, Python/Ruby scripting which made us competent enough to build a product on our own.
Later after 2 years of Industrial Experience job became monotonous and we started having this itch for innovation which begins with a problem statement.
In a fragmented market like India we go through different modes of payments on a daily basis. As per Deloitte report (Mobile Payments in India, April 2011), 67% of all the transactions in India happens through
cash. So the need of the hour is to curb cash and optimize the payment system to the last mile.
There are people who withdraw money from ATMs and there are people who deposit the same to banks. Payment in current scenario is just a number and should take least number of steps.
We aim to be the one stop payment application which can help in all your transactions. You can pay your friends, pay online, pay local shops, bill payments.
Currently X-Pay is the only 3rd party application which provides person to person payments. Other applications like Ngpay, Paymate helps only in merchant payment via credit cards which doesn’t have deep penetration in India.
“If you don’t build your dream now, someone else will hire you to build theirs”
You can download X-Pay app from Google’s Play Store here .

 You can watch X-Pay demo video :

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