SBI Partners With Ezetap To Deploy 500k Mobile Point-Of-Sale Terminals!

India’s largest public sector bank, State Bank of India, today announced that it has chosen Bangalore based Ezetap Mobile Solutions to launch the largest mobile Point-of-Sale (mPOS) deployment in India to date.

Ezetap MPOS will be made available to customers of SBI and its associate banks across the country. SBI plans to deploy 500,000 MPOS terminals in next 5 years.

Ezetap had last year announced their integrated MPoS solution which was priced less than one-third of any another similar MPoS device available in the market globally. Ezetap MPoS has a price tag of less than USD 50 or less than rupees 3000/-.

What is even more interesting about Ezetap’s solution is that it has been fully designed and developed in India and not sourced from China as is the case with most of the MPoS providers.

The Ezetap solution enables any merchant or service provider to turn their mobile phones into mobile point of sale, that allows merchant to collect payments from any credit or debit card user. The solution can also carry out various financial transaction like real-time bill payment, ATM cash withdrawal or even a deposit.

The Ezetap solution is comprised of a secure and lightweight card reader, a configurable mobile application, and a flexible platform that allows Ezetap to provide customized value-added services and integrate to a merchant’s existing systems.  The Ezetap Card Reader can connect to a mobile device via Bluetooth, USB or Audio.

India has over 300 million unique credit and debit cardholders, but acceptance infrastructure in India has lagged. With Smartphone and tablet sales growing exponentially in India, mobile payment solutions are going to come in the forefront and go mainstream.

Mr. S.K. Mishra, Deputy Managing Director, State Bank of India said, “Mobile POS has the power to transform payments and commerce in India.  MPOS can be deployed easily and at low cost in every corner of the country. In addition to building India’s largest merchant acceptance network, the SBI-Ezetap platform allows us to provide many value-added services for merchants and consumers from a single, secure POS device and application.”

Abhijit Bose, Co-Founder and CEO of Ezetap said, “State Bank of India can change the landscape of commerce in India by ensuring ubiquity of electronic payments in every corner of the country. Being chosen by State Bank of India is a validation not just of the solution that we have built, but also of our ability to scale and support the largest bank in the country.”

Bangalore based Ezetap was co-founded in 2011 by Abhijit Bose (CEO ), Bhaktha Keshavachar (CTO) and mobile payments pioneer Sanjay Swamy who currently serves as the company’s Chairman. In February 2014, Ezetap had raised USD 8 million in funding, led by Helion Advisors.