Pyrolaunches Airtime Advance Service with MTML, Mauritius

Pyro's SpeedPay provides Bill payments, Recharges, Utility services, etc by way of Merchant Aggregation

  • Pyro launches financial transactions on mobile for semi-closed prepaid payment instrument services
  • Pyro granted RBI License for semi-closed prepaid payment instruments services in India
  • Pyro aggregates merchants, retailers and even small entrepreuners and businessmen to become channel partners

Hyderabad 15th June 2014: Pyro is a Merchant Aggregator and Payment Solution Service Provider, and enrolls merchants through whom e-commerce, bill payments, recharges and other mobile payment transactions can be processed. Pyro’s platform has aggregated merchant and retailers for mobile payment services with over 7,00,000 active retail points that virtually enabled for mobile money transactions and bill payments.

Pyro provides the means for facilitating payment from the consumer via Pyro’s Mobile Money Platform that maintains virtual money for virtual transactions. Pyro’s SpeedPay is a one stop solution that empowers merchants, retailers and customers to maintain virtual wallets on the Mobile Money Platform and make Mobile recharge, Bill Payments for utilities such as Electricity, Water, Gas etc, DTH/TV recharge, Broadband recharge, Movie tickets, Mobile Wallet top-ups, Indian Railways Tickets (IRCTC) Bus Tickets etc.

Paritosh Reddy, CEO – Pyro Financial Services said that - “Even small entrepreneurs and businessmen to become channel partners and setup a merchant account even though they or their customers does not have a bank account or credit card. All they need to be is mobile phone users or have internet access for transactions and the SpeedPay Merchant Account. These small Entrepreneurs would enable people without bank accounts to pay most of their utility bills and make several over-the-counter transactions through their mobile phones. This will make the mobile wallets equally appealing to the unbanked; while India has more than 700 million mobile phone connections, only 50,000 of its six lakh villages have bank branches, as per the RBI estimates. Our plan is to offer these wallets to those mobile users who do not have bank accounts".