As mobile payments is picking up popularity in India, the demand for secure point-of-sale devices, has also seen an upward shift with companies opting more for non-cash based transactions. In India, cash on delivery is among the most popular mode of payments but it often happens that the customer might not be carrying amount of cash required at the time of delivery of products.
Mobile point of sales devices which allows people to transact money with the swipe of card, when the product is delivered thus offering a mutually beneficial experience for both merchant and the customer.
This new device by Ezetap will be having a light-weight card reader that can be plugged into any smart device or feature phone used by the merchants.
There are already many players offering similar solutions including Mswipe, Prizm Payments, Mosambee, etc. Mswipe’s service initially costs about INR 2,999 apart from monthly rentals and a transaction fee, whereas MTS costs between INR 3000-4000 already competing over pricing rather than adoption.
Ezetap is ambitious to sell one million devices in the next two years. It has already launched operations in Kenya and will be looking to enter the South-East Asian markets in the next 3 months. It has crossed 7000 live devices in India alone and is adding over 2000 devices per month.
Few of its clients include Myntra, BookmyShow, redBus, BigBasket, etc. It’s point of sale device supports more than 10 banks in India including Citibank and Yes Bank.
Ezetap was initially funded by Angel Prime and later it had raised series A from Social+Capital Partnership, Peter Thiel and others.
Ezetap was co-founded in 2011 by Abhijit Bose, Bhaktha Kesavachar, and Sanjay Swamy.