"Users of our app can pay for shopping offline or online, settle utility bills, buy recharges, and send money online to anyone, anywhere and any time," Khosla told reporters at a preview of the product in Bengaluru.
The Bengaluru-based one-year-old startup has tied up with state-run Bank of India, and privately-run Axis Bank and RBL Bank for transactions through e-wallet.
The Android app, developed in the US-based Khosla Labs, can be downloaded free from Google Play by prospective users.
"Our user-friendly app will enable consumers pay for home deliveries, send money to family and friends, buy mobile and DTH (direct-to-home) recharges, pay mobile and other utility bills and purchase goods online," said Novopay chairman Srikanth Nadhamuni.
The company has tied up with about 12,000 retail points across the country from where it offers banking and money transfer services to walk-in customers.
"Our new payment mode will be acceptable at over 85,000 merchants offline and online across the country by this month-end," said chief executive Sridhar Rao.
The app also enables users to withdraw cash from any ATM or load their wallet at the company's retailers nationwide.
"We intend to create bank accounts for the unbanked and allow for mobile- based cashless transactions to millions of consumers and merchant locations across the country," Khosla added.
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