Online shopping is still in its infant stage in India. Of the many problems that the area is still grabbling with, online payment is perhaps high on list. But cash-on-delivery options provided by businesses are making sure they do not lose out customers to technical problems. There are no two opinions that adoption of credit and debit cards by the online generation will help realise the true potential of ecommerce in our country. So for Nikhil Wason, a graduate from Columbia University, e-commerce was the sweet spot he wanted to setup his venture in, albeit with a difference. Based in Delhi, Cardback helps you know the best deals that are available on your credit, debit, loyalty and prepaid cards.
Nikhil had a stint with Adobe for a year before starting Cardback. His team comprises three people, Nidhi Gurnani, the co-founder and Ankita Garg, the marketing head. They also have an advisor based in Mumbai, who helps the team strike new business deals. Speaking about the enhancement and future of this app, Nikhil says: “We are currently discussing the formalities with regulatory authorities to facilitate payment through this app. Once approved, we can offer deals from our end to help customers get maximum advantage. We are also looking for partnerships with private and state-owned banks. “
Cardback is a bootstrapped venture looking for angel funding. Currently,they are using online and social media marketing tools to publicise the app. Nikhil hopes revenues will come in once banks start advertising on this platform and when user payments start through the app, and thinks his dream will reach fruition by end of the year.