Ultra Cash Allows You To Go Cashless And Cardless

Founded in 2014, in Bangalore, this app is giving a whole new dimension to the way we make payments.

So, you’re at the supermarket, you’ve picked up all the items you require and standing in line, you realize you’ve forgotten your wallet at home.

What would you do?

Run back home and get your wallet and go through the pain of picking and choosing the items all over again?

What if we told you that you didn’t have to go through all this trouble and that you could still make the payment regardless of whether you have your wallet or not!

The all new “Ultracash App” aims at helping you buy whatever you please, wherever you are, without your wallet — no cards and absolutely no cash required.

Ultracash’s tagline is quite amusing too — “Cash is Trash!”

Umesh Singhal and Vishal Lal, alumni of IIT-BHU, the masterminds behind this excellent technology say “The underlying essence of Ultracash is the patent-pending technology, where payment data is securely transferred from one device to the other using ultra high frequency sound waves. This innovative technology ensures that Ultracash’s ‘Tap and Pay’ works on all devices and doesn’t need any special hardware to make the payment and there is no need of special NFC chips”.

Founded in 2014, in Bangalore, this app is giving a whole new dimension to the way people in India make payments. Within just 4 months of being launched the App bagged 35,000 downloads and was used in over 50,000 transactions that exceeding INR 2.5 crores (Rupees 25 million).
Vishal shared that in terms of “transactions” the company has been growing 150–200% every month!

With Ultracash, people can make payments at physical stores with the help of their mobile phones straight from their bank accounts or with the help of their credit/debit cards without having to transfer the money into a digital wallet.
Possibly the best feature of the application (according to Vishal at least), is that it does not even require an internet connection at the time of making the payment.

Vishal explained, “Ultracash has tied up with more than 500 merchants across the country varying from cafes/restaurants to grocery shops and electronics and stationery shops”.

Ultracash uses a “payment grade algorithm”, which is mandatory requirement in India, as it protects their financial data and works on “Immediate Payment Service” offered by National Payments Corporation of India while adhering to India’s governing bank, the Reserve Bank Of India’s (RBI) mobile payment guidelines.

Understandably, the Ultracash App and it’s creating team has been put through rigrous tests and scrutinies by participating banks, which has given the venture sufficient credibility in the Indian market. In fact, Ultracash is supported by major Indian banks like HDFC, ICICI and Yes Bank.

So, Ultracash is bringing about a change in the way we make payments and is providing extreme convenience to its users — and it’s good to see an Indian venture that understands market dynamics, issues with current systems and is doing something to fix a common issues.

Will Ultracash gain traction into the mobile payment market dominated by Paytm and Mobikwik? We think so.

Originally published at Chip-Monks.