Ezetap Mobile Solutions, a Bangalore-based mPOS solution provider, has launched a payment solution to address the specific banking needs in the emerging markets.
As banks have been struggling to open more and more new branches and expand the coverage of the existing branches, Ezetap’s solution when deployed successfully, enables banks to provide a certified solution to facilitate and extend the bank’s activities. The bank activities which can be directly facilitated by Ezetap’s solution include:
- New bank account opening using Aadhar-based biometric authentication
- micro-ATM transactions (balance enquiry, mini-statement, cash-in, cash-out and money transfer)
- Cost effective Point of Sale functionality for merchant payments. The under $50 price of this POS makes it a lucrative option; much like Square’s solution
Although Ezetap has been operating for some time, with the launch of this integrated solution, it consolidates it bouquet of products, covering the whole gamut of payment related services.
The payment platform space has seen some innovation during the last couple of years, but it always lacked an integrated solution backed by a certified vendor, to tackle the issues plaguing the sector. Ezetap is one of the entrenched players which is better placed to take on the challenges in this space.
Related Article: mPOS Solution Provider Ezetap Acquires Payment Startup FortunePay
The team at Ezetap realised, early on, the immense potential of Aadhar based authentication system and it’s application in the real world, to extend the financial reach of banks. Coupled with the RUPAY, the financial infrastructure to kickstart things was already in place.
The solution deployed by Ezetap includes the following components
- A Mobile or Tablet-based Application for the front-end application: Enable bank correspondent/individuals to perform certain authorised actions like cash transfer.
- A back-end infrastructure to integrate the Aadhaar Authentication and Payment Networks (RUPAY, Visa, MasterCard, American Express): This enables authentication and payment processing
- A portable card reader with PIN capabilities, much like Square’s solution: To enable merchants to accept credit/debit card on their mobile device
- A printer with an integrated and elegantly designed integrated stand
The startup was co-founded by Abhijit Bose, Bhaktha Keshavachar. The founding team got a boost with Sanjay Swamy, former CEO of mChek, and Pramod Verma , former chief architect of UID project joining as the CTO of the startup.
The company successfully raised $8 Mn (INR 49 Cr) from Helion Advisors, Social+Capital and Berggruen Holdings earlier this year. The company had also raised additional funding from American Express. Since then merchants could activate Amex on new or existing Ezetap devices by signing up via Amex sales team or directly from Ezetap. This adds to the $3.5 million series A funding the team had raised in 2012.
Looks like the payment platforms space is warming up with iKaaz, a Bangalore-based payments company founded by former Nokia Money team and Mumbai-based Mswipe Technologies jumping into the fray. Expect a lot of action in this space in the coming months.