In emerging markets where either most of the people do not have a data connection, or are not comfortable using their credit cards online, Junotele is making it easy for users to make micro payments. Their patented solution offers seamless one-click authentication for a wide range of payment mechanisms in any possible condition – when user is on 2G/3G/4G, Wi-Fi or even when offline from data network.
How they’re disrupting
You’re on a call, the balance depletes and you get disconnected. No more. JunoTele’s platfrom assesses the credit worthiness of the prepaid customer in real time and if eligible, offers to recharge mid–way confirmed by an SMS. The amount (adding JunoTele’s commission) is later deducted when the prepaid caller recharges via regular channels. But this is just one area of tech innovation. They also have the ability to authenticate users and transactions without a data connection, as long as the voice network is enabled. This opens up significant possibilities for any payment mechanism to complete a transaction even in remote areas or data offline areas.
The mobile payment market should hit $620 billion this year. Juno’s has a unique position and opportunity for disruption.
Investments and future
Juno has raised $3 million from angel investors and has designed its own hardware to bring down the capital expenditure substantially.