Idea Money launches USSD platform for digital payments

The USSD system allows wallet payments to customers who do not have access to a smartphone or internet data.

Idea Money’s USSD feature also allows pull transactions for merchants allowing them to initiate receipt of payments from customers via their mobile numbers. To make a pull USSD transaction, a merchant will need to:
• dial *400#
• select pull payment
• enter a customer’s mobile number (needs to be an Idea Money wallet-holder)
• enter the payment amount
• 4-digit OTP received by the customer is entered in the USSD menu
• The transaction is completed. The customer wallet is debited and merchant wallet is credited with the payment amount
• The payment received is then moved to the merchant’s selected bank account on the next day.

Recently, the company launched Idea Money’s Retailer Assisted Model, and has been on-boarding online and offline retailers and merchants across geographies. Idea Money is currently available in 17 circles where the telecom operator is present. Some of its online and merchants include BookMyshow, KFC, Dominos, Yep Me, MakeMyTrip and IRCTC.