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Hiperworld to launch WAP payment product

Vipin Kumar

NEW DELHI, Feb. 25

HIPERWORLD Cybertech Ltd, a Delhi-based e-commerce service provider, is set to launch a WAP-enabled payment gateway product which will enable users to make payments using their mobile phones.

``This is the first WAP-enabled payment gateway developed by an Indian firm. Perhaps, this is the first of its kind in the world,'' Mr Anand Shrivastav, CEO of Hiperworld, said.

He also said that the product would be launched at the forthcoming C-BIT exposition starting March 22 in Hannover, Germany.

``This gateway will help users pay their bills, transfer funds, etc., through their mobile phones. The protocol of this product itself is different from the normal WAP and we plan to apply for a patent,'' Mr Shrivastav told Business Line.

The company is planning a global marketing for this product, which will be priced on a a pay-per-use basis.

Started in 1997, Hiperworld today has 152 people on its rolls and plans to add another 100 by June 2001.

``Our target is to achieve a revenue of $15 million by next fiscal,'' the CEO said.

In addition to the new gateway, Hiperworld has till date developed four e-commerce products that have found customers such as Hindustan Lever, Nestle, Becton Dickinson, Taj Hotels Group, Pepsi and Marico, among others.

The company has also forged alliances with Citibank, Amex, HDFC for payment gateways.

In line with its expansion plans, Hiperworld has started an office in London and is in the process of establishing one in the US by the second quarter of 2001-02.

Incubated by Intercorp Biotech, Hiperworld had received its first round funding from an undisclosed overseas venture capital fund, which acquired a 26 per cent stake in the company for Rs 14 crore.

Mr Shrivastav said that he was planning to go in for a second round of funding to invest in the proposed marketing activities.