Coverage in Outlook Money: Say Hello to Mobile Payments

Coverage in Economics Times: Obstacle Course - Archaic laws, over-regulation and corruption are creating obstacles in starting up and operating new ventures in India. Shutting down companies is even more painful

Coverage in The Light Reading India: Beam To Raise $20 Mn In Second Round of Funding

 

 

 

 

 

Delhi-based mobile payment company Beam Money is eyeing to raise $20 million from the second round of investor funding. “We have just started talks for second round of funding and are expecting to raise $20 million from the same,” Anand Shrivastav, Chairman & Managing Director of Beam Money told Light Reading India.

Established in December 2009, Gray Ghost Ventures and Doon Foundation backed Beam Money that raised around $10 million in the same year. The mobile wallet provider claims to have more than 14 million customers and 60,000 channel partners in the country. Beam Money is presently involved in the execution of over one million transactions every month.

The company offers a cashless mobile payment system that allows customers to transact with anyone, anywhere, anytime through SMS, WAP, Web, interactive voice. Beam Money is authorized by RBI and its services include telecom/DTH recharges, utility bill payments, travel bookings, e-commerce shopping, domestic money transfers and cinema bookings among others.

Shrivastav said that the company earned revenues of over Rs 100 crore last year and aims 100 per cent growth in revenues for the ongoing fiscal year. Shrivastav estimates that the company will be serving to 100 million customers by 2017 with 6,00,000 franchises nationally.

The company has also extended its partnership with India Post to provide ticket-booking facility in two Indian states—Uttaranchal and Haryana. Last year, Beam Money rolled out its Air Ticket booking service in 100 Post Offices across Tamil Nadu. Through this partnership with India Post, the company is enabling customers to book rail and air tickets at the nearest Post Office.

Shrivastav said that Beam Money will take this partnership with India Post to nationwide level by 2014. Very recently, the company also teamed up with MasterCard Worldwide to launch a prepaid card that will allow Beam’s mobile wallet users to transact at ATMs, physical merchants and online shops.

Speaking on the challenges, Shrivastav said mobile payment is an unknown category to a larger chunk of Indian population. “There is a need to spread awareness about this category. Additionally, there are regulatory challenges that the company is witnessing in the country,” Shrivastav added.

In the Indian mobile payment segment, the company competes with a number of telecom operators and private players such as ItzCash. 

In January, Beam Money launched mobile wallet application for Apple users and is now preparing to introduce an Android app in coming weeks.

 

 

Exclusive article ‘Cell me Money’ about how mobile payments are catching up and SMBs cannot afford to ignore the trend authored by our Chairman & Managing Director Mr. Anand Shrivastav in The Financial Express (National Edition).

Introducing Beam Business Director (BBD) for those wanting to work their own hours and increase their income! Interested? Email us at channel@beam.co.in

Business Today: Beam Empowers the Women of Gujarat and Maharashtra with its Women Empowerment Initiative

 

 

  

 MUMBAI, April 30, 2013

 

 

Beam, India's revolutionary mobile wallet service, is taking women empowerment initiatives to empower the women of Maharashtra and Gujarat. Beam is empowering women by employing educated, unemployed youth particularly women as Beam Sahayaks. Beam Sahayaks serve the customers by providing Beam services in the neighborhood, society or colony where they live. With a mobile in her hand, Beam Sahayak, can not only transact for herself, but also supplement her family income while tending to her family.


"We are a for-profit social enterprise whose mission interlaid is to provide self-employment opportunities to educated unemployed youth, particularly women to supplement their household income. Beam provides self-employment opportunities to the educated women with the opportunity to become micro entrepreneurs; thus, making them self-reliant with the help of various Beam Services. Enriching lives one person at a time, Beam endeavours to bring smiles to every Indian by making them self-reliant and prosperous," said Anand Srivastav, CMD, Beam.

 

Mala Mitra, a home maker for 12 years got attracted by the business model of Beam and started providing Beam service by becoming a Sahayak. "Before I got married in 2000, I worked with a private firm for six years. But after marriage and motherhood - and daughter Aishwarin who is now six - I wanted a job that fits my 'mommy schedule' well. Working outside home would have come with additional expenses - food, transport, fancy wardrobe and less attention to my daughter. Beam is a company that offers the chance to become micro-entrepreneur while working from home. I have been associated with Beam for last one year and I am able to take care of my family expenses while working from home," said Mala Mitra, Beam Sahayak.


The proportion of unemployed is highest for the age group of 20-24 in India. Amongst them, the lot of educated women in rural areas is highest, even though this problem plagues urban educated females too. The social stigma attached to women working is yet to be overcome. Recognizing this anomaly, Beam as a part of its endeavor of empowerment, recruits, trains and promotes these women. Beam provides multi-lingual support and also promotes the Sahayaks with local advertising and promotion as well as listing them on its website for ease in locating by prospective customers. Using Beam, a Sahayak can promote herself, her shop and can offer attractive schemes as well.


Beam, India's revolutionary mobile wallet service, is taking women empowerment initiatives to empower the women of Maharashtra and Gujarat. Beam is empowering women by employing educated, unemployed youth particularly women as Beam Sahayaks. Beam Sahayaks serve the customers by providing Beam services in the neighborhood, society or colony where they live. With a mobile in her hand, Beam Sahayak, can not only transact for herself, but also supplement her family income while tending to her family.
"We are a for-profit social enterprise whose mission interlaid is to provide self-employment opportunities to educated unemployed youth, particularly women to supplement their household income. Beam provides self-employment opportunities to the educated women with the opportunity to become micro entrepreneurs; thus, making them self-reliant with the help of various Beam Services. Enriching lives one person at a time, Beam endeavours to bring smiles to every Indian by making them self-reliant and prosperous," said Anand Srivastav, CMD, Beam.


Mala Mitra, a home maker for 12 years got attracted by the business model of Beam and started providing Beam service by becoming a Sahayak. "Before I got married in 2000, I worked with a private firm for six years. But after marriage and motherhood - and daughter Aishwarin who is now six - I wanted a job that fits my 'mommy schedule' well. Working outside home would have come with additional expenses - food, transport, fancy wardrobe and less attention to my daughter. Beam is a company that offers the chance to become micro-entrepreneur while working from home. I have been associated with Beam for last one year and I am able to take care of my family expenses while working from home," said Mala Mitra, Beam Sahayak.


The proportion of unemployed is highest for the age group of 20-24 in India. Amongst them, the lot of educated women in rural areas is highest, even though this problem plagues urban educated females too. The social stigma attached to women working is yet to be overcome. Recognizing this anomaly, Beam as a part of its endeavor of empowerment, recruits, trains and promotes these women. Beam provides multi-lingual support and also promotes the Sahayaks with local advertising and promotion as well as listing them on its website for ease in locating by prospective customers. Using Beam, a Sahayak can promote herself, her shop and can offer attractive schemes as well.

 

Link:http://businesstoday.intoday.in/prnewswire/index.jsp?doc=201304300405PR_NEWS_EURO_ND__enIN201304301256_indiapublic&dir=25

Mobility: Beam and MasterCard Ally to Reach 14 Million New Customers

Mobility Magazine: March 2013 Edition

 

Beam and MasterCard Ally to Reach 14 Million New Customers

 

At Mobile World Congress, MasterCard Worldwide, announced its collaboration with Beam, a revolutionary   mobile and electronic commerce wallet, to launch a first-of-its kind, low-cost, MasterCard mobile companion pre-paid card that will allow over 14 million mobile wallet consumers of Beam to transact at physical merchants, online and access ATMs.

Now, consumers in India can connect their existing mobile wallets to the world of MasterCard acceptance and electronic payments to pay utility bills, make fund transfers, book movie or travel tickets, and even withdraw money from ATMs as well as Beam franchisees. “Our collaboration with MasterCard Worldwide’s pre-paid card system enables us to offer our customers a unique product that fits their lifestyle and provides access to ATMs and card-transactions at merchants, further extending the reach of our Mobile Wallet to a wide range of cashless solutions and our endeavor to make Beam an aspired brand,” said Anand Srivastava, Chairman, Beam.

 

Banking & Payments - Beam Receives Channel Excellence Award in Mobile Banking for Financial Inclusion at Asia Trailblazer Awards 2013

15th March 2013: Singapore

Banking & Payments, a leading journal for retail banking and payments announced the winners of its annual Trailblazer Awards in a glittering award ceremony held on Friday, 15 March 2013 at Grand Copthorne Waterfront Hotel, Singapore.


Beam received the Channel Excellence Award in Mobile Banking for fostering Financial Inclusion at the Banking & Payments Asia Trailblazer Awards 2013.

Thomas Zink, Editor, Banking & Payments mentioned that “Beam operates a cashless financial transaction system allowing unbanked and banked to transact with anyone, anywhere, anytime. The growth of the network is astonishing with customer numbers growing from 1mn in Mar 2010 to over 7mn in September 2011 and to 10mn in August 2012.”

Anand Shrivastav, CMD said “This award is a tribute to India and each customer, channel partner and staff of Beam. Indeed we are proud to receive this recognition and rededicate ourselves to serving the people of India.

The program is a tribute to the best-of-breed players in retail banking and payments in Asia Pacific. Above all, it is designed to be a fair and objective benchmark for the industry. The awards have been created to identify best practice initiatives that are setting new standards for the retail banking industry in Asia and around the world.

The judging criteria include the ability of institutions to demonstrate a clear and unique strategy to grow their business, domestically and/or regionally; banks that have made the most investment in people and systems to develop their business; banks showing the most innovation in products/services; banks with demonstrably superior client services; institutions that have strengthened and extended the global reach of their brands: and banks which have demonstrated a strong business performance.

 

About Beam

Beam is a revolutionary Mobile/Ecommerce marketplace and Mobile Wallet which endeavors to enable convenience, empower economically, and enrich the lives of its customers. Beam enables trade flows and provide financial infrastructure to enable seamless transactions.

Coverage in ADgully : Transact anywhere anytime: Beam Money

Exclusive | Transact anywhere anytime: Beam Money

February 12, 2013

 

Money payment from side to side the mobile payment system is fast catching up in India and leading this revolution is Beam Money (www.beam.co.in). The company through its revolutionary cashless mobile payment system allows unbanked and banked customers to transact with anyone anywhere and anytime. Customers can use SMS, WAP, App, internet or even landline to transact themselves, and persons without these can transact taking assistance of Beam Sahayak (facilitator) in their neighbourhood. Beam Sahayaks are educated unemployed youth, particularly women who earn incomeby selling Beam products and services even from the comfort of their home. Beam services are availed by registering free via a simple SMS to establish an account automatically.

Says Anand Shrivastav, Chairman & Managing Director, Beam Money, “our services include home delivery & shopping payments, domestic money transfers, telecom/DTH-TV recharge, utility bill payments, travel bookings, e commerce payments, banking transactions, bookings for movies etc. The registration is free, paperless and compatible with any phone, bank or telco. Transactions ensure safety with no financial details of the subscriber retained. The service is maintenance free and requires no physical presence of either the payer or the receiver. This makes Beam a boon for tech savvy urban individuals on the go as well as a technologically deficient senior citizen in a remote city or village.” He was speaking exclusively to Adgully. 

Launched in 2009 after receiving Reserve Bank of India’s Certificate of Authorisation, Beam Money has grown over 100 per cent Y-o-Y and today transacts over Rs 1800 crores annually. One of the reasons for the success has been the wide experience of its promoter, Shrivastav.

An experienced and a multifaceted professional with more than 30 years of experience in marketing and distribution of consumer, nutrition and health care products besides telecom and banking services, it is Shrivastav’s vision to connect the unbanked population to the mainstream and their economic empowerment in India.

Talking about future plans, Shrivastav says, “our plan is to continually expand our bouquet of services, widen and deepen our    distribution network and also keep increasing our customer base. Some of the services planned to be introduced are micro  pensions, insurance, mutual fund products, banking products besides international money transfer. In the next five years Beam  endeavours to have 100 million customers and one lakh Beam Sahayaks.”

On being asked what are the key differentiators of the business when compared to a traditional cash transfer or the services offered by money transfer companies, Shrivastav replies, “ India is becoming an increasingly competitive environment for mobile payments/banking. We have bank led competition offering mobile banking systems. We also have telecom led initiatives and addition to B2B initiatives. Beam is as it is agnostic to telecom operators and banks, does not require change of SIM, downloading any software/application or high end equipment. Both unbanked/under-banked and banked can freely transact amongst each other without bothering which telecom operator the other person belongs to.”

Additionally, Beam’s ability to enable its customers to use their single Beam wallet for any transaction, at any time, from any place, with any one – whether unbanked or banked, using any mode makes it innovatively different. It is the first company to enter the mobile payment sector. “We are a for-profit social enterprise whose mission interalia is to provide self-employment opportunities to educated unemployed youth, particularly women to supplement their household income,” he adds. Enriching lives one person at a time, Beam endeavours to bring smiles to every Indian by making them self-reliant and prosperous.

Going ahead, the company aims to expand its offerings to encompass channel partners, merchants (from small to chains and corporate-institutions) to increase acceptance, and corporate employees. There are however challenges which it needs to overcome. “Like all other players in mobile payments industry, we too facing five main issues- a viable and scalable business model, ability to create ecosystem required, finding right people, understanding and managing the business of financial transactions & risks thereof and managing an evolving regulatory environment.

With competition becoming increasingly intense, innovation is the need of the day.  Companies should constantly be innovating ways to delight the customer – by a rewards program or a by providing a more convenient service experience is what would give us an edge. Beam believes in innovation as a means of product differentiation. To drive home its positioning and view point, Beam has created its brand equity with a mix of marketing and promotional activities. “We do mass advertising in TV and print besides digital online marketing. We also do on ground branding activities and also do promotions. These are very important as the mobile payment is a relatively unknown category and we must therefore earn the trust of the customers and merchants and be visible to them,” concludes Shrivastav.

Mobile Recharge Service Update

Now recharge your or someone else's Mobile number with Beam and pay directly via Credit Card, Debit Card or NetBanking. All Indian Credit and Debit Card supported having Visa, MasterCard or American Express logo. Netbanking service of over 45 banks accepted.

No registration required.

Click here to visit our recharge site. For MTNL recharge, visit our dedicated page here.

Incase of any assistance, kindly contact Beam Customer Care.