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The Silicon Review Asia

Revolutionizing Mass Payments across Emerging Markets: Nearex

The Silicon Review
March, 2019


Nearex is a rapidly growing fintech company, providing a breakthrough cashless payment technology that’s revolutionizing small payments across emerging markets. Founded in 2012 by professionals from the mobile and fintech industry, Nearex is passionate to digitize small everyday payments where cash continues to dominate.

Leveraging the Power of Xip

The Xip micropayment system is designed to digitize everyday low-value payments. Xip leverages the power of contactless technology to deliver a world-class end-to-end solution comprising of terminals, tags, and the software.

Xip Platform: Xip platform comprises of a powerful closed-loop card, terminal management system, transaction management system, and an administration module. Xip platform integrates with an existing wallet or financial system to enable payments. The platform integrates with an existing wallet or core financial system to enable the transaction. The platform is secure, scalable, and flexible which makes it suitable for a variety of payment applications.

Xip Management System is a powerful card, terminal, and transaction management engine. The platform provides powerful APIs which allow for quick integration with existing wallets, core financial systems, and value added services such as bill payments, recharge, loans,and disbursements. The Administration Module allows the creation of different user profiles and reports to provide for managing and tracking business performance. XipMS provides support for online and offline payments.

XipPOS (Terminals): Innovative range of terminals that support technologies like NFC, QR, Audio, and Biometric based payments. Be it online or offline, 2G or 3G, these terminals are crafted to suit an entire spectrum of the market, right from street vendors to supermarket merchants,all at an affordable cost enabling clients to roll out a payment network across thousands of merchants.

XipTAG (Contactless Tags for every lifestyle): An innovative range of NFC tags in various form factors like cards, stickers, or modular wearable for both online and stored value payments.

XipAPPs (Enabling payments across Android devices): XipAPPs allow the payment service provider to extend the XipPlatforms online and offline capability to leverage the availability of Android NFC phones and Android-based NFC Terminals. With this, the payment service provider can choose from a variety of XipPOS terminals and Xip App based terminals to provide the most optimum solution for its merchant network.


Xip Stored Value Payment Solution: Xip Stored Value Payment Solution is an offline payment system where the value is stored and managed on the tags that customers carry. Such systems are invaluable where transaction speed is critical like in transports or where network connectivity is unreliable. Xip Stored Value delivers a user experience to customers that are as close to cash as one can get, making it a great first step for digital payments for users who are only used to cash.

Xip Contactless Payment Solution: Xip Contactless Payment Solution was created to make electronic payments as simple and easy to use as cash, affordable enough to use for the smallest merchant in any country and powerful enough for the most sophisticated merchants. Xip brings a complete payment system to enable a very wide variety of organizations to launch retail and proximity payment services. Xip helps mobile money grow beyond remittances, banks to reach the unbanked, and wallet services to offer convenient retail payments.

Xip works with a wide variety of wallets, banking systems,and gateways to enable retail, proximity payments. The full range of XipPOS terminals caters to every merchant segments with XipTAGs covering all the customers and Xip Apps (both merchants and customers). Multiple transaction security options, flexible merchant segmentation,and richly extensible features make this cashless eco-system fine-tuned to the needs of the market.

QR Code Payments: QR codes have changed the payment landscape globally due to its asset-light approach which is loved by both merchants and consumers. The investment required by the service provider, the merchant,and the consumer is at the minimum and allows for quick and speedy roll out of a payment network across the country. XipQR further strengthens the Xip platform by providing an additional payment acceptance method. Payment service providers can either offer QR or NFC or both in their chosen markets.

XipQR provides support for both Dynamic and Static QR code. XipPOS terminals can generate a dynamic QR code, which consumers can scan through their smartphones to make the payments. The dynamic QR code makes the payment process faster and error-free, allowing merchants to accept payments seamlessly from any of the customer’s linked account.

XipPOS terminals are available in various form factors with one of them specially designed to provide a dual display. XipApps are also provided so that they can be integrated with the consumer app for an intuitive and streamlined payment experience.

Meet the Man behind Nearex

Mayank Sharma, CEO: Mayank believes the challenge of cashless micropayments can only be solved when a technology competes favorably with the convenience and affordability of cash. He started Nearex to empower consumers and merchants around the world with simple cashless payments leveraging the reach of mobile phones. Mayank is an industry veteran with experience of leading multiple global teams.

“We provide a breakthrough cashless payment technology that’s revolutionizing mass payments across emerging markets.”


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