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

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.

Chairman & MD Beam Money, Mr. Anand Shrivastav's exclusive interview with Knowledgefaber

 

 

 

Mobile Payments has potential to reach the unbanked population of India: CMD Beam Money

FINN

Mobile Payments has potential to reach the unbanked population of India: CMD Beam Money

February 18, 2013 by (FINN) Frontier India News Network

Given that mobile payments is the future of non-cash payment mechanisms in India, Frontier India (FINN) quizzed Anand Shrivastav, Chairman  & Managing Director, Beam Money, on various aspects of mPayments:

FINN: Safety of Mobile payment

AS: Mobile is probably the safest and most cost efficient way of dealing with payments. A company that wants to set up a mobile payment business has to follow the same procedures with Reserve Bank of India that financial institutions like banks, NBFC’s and others have to go through. Mobile payment company is classified as a Payment Gate by RBI. An approved company sets up an escrow account with a bank. When printing or creating the money recharge coupons, the company deposits the equivalent amount of money in the escrow account. Beam Money has data centers at 3 locations, which helps in disaster management and business continuity. We follow the industry standard encryption so that the data is not compromised. Backgrounds are checked and training imparted before appointing a company staff. Software ensures that personal information is not accessible. There is a 16 digit Transaction Identification Number (TIG), which is unique to the customer. Even the transactions are have a different number, so that cloned cards and data interception become ineffective. On point of sales level, there are no physical coupons, so the question of fakes does not arise. A customer gets instant confirmation of his transactions.  

                                                                                   

FINN: It brings in the potential of money laundering

AS: No sensible person will use the mPayment route for money laundering because the large payments and SIM’s can be tracked easily. There is actually a compliance mechanism for the payment gateways to track and report such activities.

FINN: How easy is mobile payment?

AS: For transactions on Beam Money, there are no software’s to download. Even a basic phone can be used for money transfers. Recharges are available via 50,000 channel partners. We even have women Sahayak’s who sell recharges and women are gainfully employed. Beam Money is being used by 14 million customers in India.

FINN: What is the market size?

AS: India has a 40% unbanked population that have no access to alternative method of financial services. Around $600 Million worth of cash transfers occur in India in a year. mPayment market is expected to witness robust growth, driven by high mobile penetration, increased affordability of mobile phones and reduced mobile network tariffs. Accessibility of payments platforms through numerous technology mediums such as mobile wallets is expected to lead to wider reach for mPayments.

FINN: Future plans of the company

AS: Beam Money’s mobile wallet has rolled out its Air Ticket booking service in 100 Post Offices across Tamil Nadu. Customers can book domestic as well as international air tickets at a Post Office near them, at an economical price, without requiring credit/debit card or net banking. We plan to roll-out such initiatives. We closed our books at Rs 90 crore in the current financial year and are hoping to earn Rs 125 crore in 2012-13. Our aim is to reach 100 million customers and 6 lakh Beam sahayaks by 2015-16.

Read more: http://frontierindia.net/mobile-payments-has-potential-to-reach-the-unbanked-population-of-india-cmd-beam-money#ixzz2LKlfOnBD 

 

Exclusive covarage in Mobility Magazine: Beam Unveils Beam Mobile Money Payment System

 

Beam airline ticketing in Tamil Nadu's Post Offices

Are you searching cheap flight tickets? Visit your nearest Post Office across Tamil Nadu and get cheaper flight tickets without standing in a queue.                                                  

Beam Money introduces Mobile Wallet app for iPhone

Coverage in The DQ Week, Dated 14th January 2013 on the launching of Beam app. Have you downloaded Beam iPhone app yet? To download now Click https://itunes.apple.com/us/app/beam-wallet/id576687274 

Beam airline ticketing in Tamil Nadu's Post Offices - TOI

Coverage in The Times of India on the tie up of Beam Airline Service with India Post, Tamil Nadu. Have you booked your ticket yet ?