Ezetap Mobile Solutions, the Bangalore-based pioneer in mobile payments for emerging markets, today announced the launch of Universal Mobile Wallet Acceptance. India’s first universal solution allows merchants to accept customer payments from any mobile wallet through their existing Ezetap point of sale application. The solution is integrated into the Ezetap Card Acceptance Platform and offers merchants a unified one-stop solution for all payment acceptance.
India has experienced industry disruption in electronic commerce and is now in the middle of a similar revolution in the financial services market. Mobile Wallet adoption has grown exponentially in India, mobile internet-connected “Smart points of sale” have unlocked new sectors to electronic payments, and the government is opening up the entire set of banking services through new technology. According to a study by research firm RNCOS, the current Indian market size for mobile wallet (m-wallet) stands at about Rs. 350 crore and is estimated to rise to Rs 1,210 crore by 2019. However, until now consumers have used Mobile Wallets only for Mobile Commerce and on-phone purchase. On the merchant side, businesses have been struggling to keep up with the rapid change of pace and figuring out how to support the increasing number electronic payment options available to their customers.
The Ezetap Unified Payment Acceptance Solution now brings Mobile Wallets acceptance to in-person transactions at home or in a store. Ezetap is launching this new functionality with four of the biggest wallet providers in the country, Paytm, Mobikwik, Freecharge, and Novopay, with support for additional major wallets soon to be announced. As new wallets come online, they will be immediately available to Ezetap merchants through the same application that they are already using. Existing customers of Ezetap can avail of the new service by simply accepting the Terms & Conditions in the Ezetap Mobile POS application. New customers will have access to the solution automatically.
The solution will be showcased, with demos and Q&A available to reporters, by Abhijit Bose at the Nasscom Product Conclave in Bangalore on Thursday, October 15.
Abhijit Bose, CEO & Co-Founder, Ezetap
“Our mission is to allow every business in India to collect payments from their customers, supporting every method and instrument that their customers want to use. The shift to digital transactions is gaining momentum with consumers, and we are committed to providing merchants with a simple escalator from cash to card to mobile payments and beyond.”
Vijay Shekhar Sharma, Founder & Chairman, Paytm
“The digital payments ecosystem is transforming the commerce experience for consumers and merchants. Through our partnership, the Ezetap merchant base has the ability to accept payments from consumers who want to use Paytm.”
Bipin Preet Singh, Founder & CEO, Mobikwik
“The demand and feedback from consumers on our wallet has been overwhelming. The final barrier was to ensure universal acceptance of the wallet at merchants, which Ezetap is addressing.”
Srikanth Nadhamuni, CEO of Khosla Labs & Chairman of Novopay
“There is a huge opportunity to use digital services and payments to transform rural India. With Ezetap powering digital payment at our service points, our customers can walk in with a card or our wallet and instantly get access to a broad range of financial services never before available to them.”
Kunal Shah, CEO of Freecharge
“Our partnership with Ezetap gives customers of our wallet immediate access to a large set of merchants. Ezetap ensures that the merchant experience is seamless, allowing us to focus on creating the best experience and product for our users.”
Ezetap is a Mobile-based Payments service provider for emerging markets based in Bangalore, India. The company was co-founded in 2011 by CEO Abhijit Bose, CTO Bhaktha Kesavachar, and mobile payments pioneer Sanjay Swamy who serves as the company’s Vice-Chairman. The Ezetap service is PCI-DSS compliant, has been certified by multiple, leading financial institutions. For more details: https://www.ezetap.com
Ezetap has been at the forefront of transforming payments in India. Ezetap has more than 70,000 Smart POS services points ranging from well-known enterprises to tens of thousands of small retail businesses. Other technical innovations led by Ezetap include the company’s release of the world’s first Android SDK for mobile point of sales in December 2011. This allowed any software developer to add Ezetap into their application. Ezetap also developed lowest cost, fully certified Chip, Pin and Magnetic Stripe terminal in the world, a product that was 100% designed and made in India.
The company has raised over Rs. 210 Crores ($35 Million) in funding to date and its investors include Social+Capital Partnership – the Silicon Valley firm led by former Facebook executive Chamath Palihapitiya, Helion Advisors, American Express, and Li Ka-shing’s Horizons Ventures. Most recently, Ezetap closed Rs. 150 crores ($25 Million) in funding in early 2015, which they will use to expand the merchant base using Ezetap’s Smart POS across India.