In a bid to strengthen its mobile payment platform and to enable SMEs go cashless, online payment Solution Company PayUMoney has acquired Delhi based mobile payment application startup Eashmart for an undisclosed amount.
Founded in December 2013 by Amit Kumar, a B Tech in Avionics from Indian Institute of Space Science and Technology (Kerala who had earlier co-founded Targeter App, Eashmart enables consumers to use credit/debit cards to make payments for anything, without having to swipe the card in a swipe machine.
For instance, if a customer wants to make payment using Eashmart he/she just need to inform the merchant about the same. Customer will receive a notification for payment with a 4 digit which they need to share with the delivery person. The delivery person confirms the same PIN and hand over the item.
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One of the key features of this app is that it doesn’t require merchants to install any hardware neither the delivery boy need to carry swipe machines.
Earlier this year, Eashmart had raised funding from IIM-A’s tech incubator CIIE and two unnamed angel investors; Eashmart was among the 10 ventures picked for iAccelerator.
As of January, the service was live across 5 merchants in Delhi, Bangalore and Jaipur and its mobile app was available only for Android devices.
“Increasingly, more and more customers do not carry cash but are forced to make a trip to ATM to pay for deliveries or small ticket items like food, groceries, pizza etc…. We want to get all these small mom-and-pop stores on mobile and give customers the flexibility to pay even Rs. 10 from their credit card,” Nitin Gupta, co-founder and CEO, PayU India said.
Eashmart’s 5 member team will be joining Pay-UMoney’s app development vertical.