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Atom readies for a mobile big bang
Atom Technologies, a 100% subsidiary of Financial Technologies, is betting on some serious bucks coming its way through proprietary mobile phone-based transaction systems.

The company aims to clock a topline of Rs 10,000 crore in the next 3-4 years, said chief executive Niranjan Gosavi.

"Want to watch a movie? Call up the theatre, pay through Atom's interactive voice response system that takes you to a payment gateway (your bank account or credit card) and your ticket is confirmed," Gosavi explains.

That topline goal will have to follow Financial Technologies chairman and group CEO Jignesh Shah's standard target for all his new ventures: $10 million to $1 billion sales in 1,000 days.

Atom, says Gosavi, is an acronym for any transaction on mobile. The company has already launched two solutions Atom PayBuzz and Atom Cards.

Atom PayBuzz is an IVR system that helps users conduct transactions through a combination of internet and mobile phones. Atom Cards is a digital debit-card from Axis Bank that's embedded into Java-based mobile handsets. The Reserve Bank of India last week, granted approval for the products.

An Axis Bank official said the bank has issued 1,000 Atom digital debit cards to select customers for a pilot study.

PayBuzz is expected to generate revenues of Rs 5,000 crore in the next three years and the company is in 'final stages of closing talks' with as many as 55 brands including Infosys, Tata Sky and Anil Ambani's Big TV. Some other products - such as Atom Seva and Atom Reach, are set for launch soon.

Through Atom Reach, a shopper can carry out transactions such as mobile refills, insurance premium payments, movie ticket booking and money remittances, among others.

How much Atom Reach would contribute to the company's coffers is not clear yet "due to the enormity of the opportunity", sources said.

As many as 30,000 retailers from both organised and unorganised segments have been identified for partnerships for this service.

Atom Seva "is a service towards financial inclusion" wherein the company will serve as a banking correspondent for Indian banks to tap opportunities in the microfinance segment. The overall potential of this business is pegged at Rs 140,000 crore.

"We have been appointed by State Bank of India as its banking correspondent," an Atom official said on condition of anonymity.

Atom has also set up Grameen Pragati, a firm that will partner banks to create accounts, provide loans and handle other issues related to microfinance in rural areas. The company will spend $10 million on mobile account creation systems, for which it is in talks with Taiwanese firms. Atom Seva will begin operations at a village Sitapur, near Lucknow, and then head for Solapur and Triveni.
Source :
Sify.com
 
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