Vinod Khosla unveils Novopay Wallet

Novopay Solutions, incubated in Bengaluru under the guidance of Khosla Labs, has unveiled its consumer payment app and bank partnered wallet.

Vinod Khosla, a venture capitalist and investor in Khosla Labs, unveiled the Novopay Wallet, to be used for making payments to neighbourhood shops and online merchants.

“Novopay aims to create bank accounts for the unbanked and allow mobile-based cashless transactions to millions of consumers and merchants across India. This technology has the power to complete financial inclusion to every corner of India in the next few years,” he said.

Novopay has a gameplan to include 10,000 remittance outlets and will have 1,20,000 merchants on the platform.

“The mobile payment company that uses the Aadhaar biometric scanner to allow people to conduct banking transactions, has already tied up with RBL Bank, Axis Bank and Bank of India,” said Srikanth Nandhamuni, the CEO of Khosla Labs, and the Chairman of Novopay.