Eko has been in mobile payments since 2007. Due to limitations in regulations to implement this independently then, Eko partnered with banks to offer this service in a white-label and co-branded model. Eko partnered with leading banks such as State Bank of India, ICICI Bank and IndusInd Bank to cater to over 5 million customers spread across 80 cities, towns, villages in 13 states. Eko has processed over US$ 2.3 billion worth of transactions. Eko used a network of 3500 retail partners to source customers. Today 66% of their monthly transactions are from repeat customers.
Eko has been a leader in P2P transactions catering to customers largely in the income range of upto Rs 50K per month. Eko right from inception has been for the mobile ‘first’ customer issuing a mobile ‘first’ and mobile ‘only’ payment instrument.
Eko has recently received its Prepaid Payment Instrument license from RBI and will be shortly launching its prepaid wallet for low and moderate income customers. It is also one of the applicants for Payments Bank license.