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UDMA Technologies Pvt. Ltd.
- Name of the Company: UDMA Technologies PVT LTD
- Name of the Founder/CEO: PRASHANTH B
- Team Members: 15
- Product: Yuva Pay
- Domain: FINTECH – COLLECTION & PAYMENT
- Website: https://www.yuvapay.com
Story behind UDMA:
Prashanth heads the product management role and Roshan heads the development role – both of us were the founders who worked together at Manipal group for 2 years for the IT solution department. While working together, Prashanth came up with an idea that had taken root when he had problems paying for Uber online in a place where there was no internet. He then discussed the issue with Roshan, and after 3 months of research, they developed a prototype that makes financial transactions possible without the internet. The good news is that Prashanth who belongs to Tier-4 city realised this issue and tried to solve the problem. He had personally seen his friends and family struggle to make digital payments. Most of the time transactions failed and reimbursements required a waiting period of 2-3 days. During the natural calamities or local riots we have seen how the Internet shuts down or there is a power outage. If the nation goes completely digital and if the Internet shuts down for even a few hours, what is the alternative solution? Considering these pain points, Prashanth sought out a tech solution which would enable everyone to understand and access digital payments. This is when I realised that. YUVA Pay is the next evolutionary step towards digital payments for the next billion users.
A user can make mobile to mobile payment by unique account number. The Payment can identify and communicate between the transactions nearby, facilitating the process without the need for internet (patent pending technology). Mission of this technology are: 1. To create a platform for easy facilitation of payments without internet 2. To Connect the Unconnected and Bank the Unbanked people
COVERAGE by enabling wider access of electronic payment services. CONVENIENCE by enhancing user experience through ease of use, and efficiency in handling of product and transaction processes. CONFIDENCE by promoting integrity of systems, security of operations and client protection. COST by making services cost effective for users as well as service providers.
Stage 1 – Growth in rural & semi-urban India through on boarding of Gram Panchayats & Town Municipalities Stage 2 – Domestic Expansion & International Expansion to Africa and South America Stage 3 – Entry into Financial Products
PRASHANTH B (FOUNDER & CEO): Prashanth started UDMA technologies with the vision of making mobile/digital payments easier for the average Indian user without depending on the internet for digital transactions. Prior to his entrepreneurial journey, Prashanth was at the Manipal Group, TCS and EXL services. He holds a PG MBA (Finance) degree from MSRIT Bangalore. His current focus is on taking the Yuva Pay to a billion Indians (user growth), product innovation, and investor relations. Roshan Crasto (CTO): Roshan’s mission is to converge payment processes with no dependency on the Internet. The compulsion of internet payment in non-internet zones made him think of an offline payment system. The success of this method will simplify payment acceptance for Indian users/merchants/retailers. He also focuses on strengthening Yuva Pay in terms of security, authentication and zero vulnerability. Roshan has come with a strong Technology background having 15+ years of experience in IT field in various SBUs of Manipal Group. He completed MCA followed by MBA from Manipal University.