Mobile wallets in India are in quite a race to beat the physical ones. Ezetap, a smartphone-based payments POS device has announced a tie up with four major mobile wallet companies in India. The Bengaluru based startup is all set to hit new notes with Paytm, MobiKwik, Novopay and FreeCharge.
Payments industry has lately seen much progress by tying up with many platforms. Digital transactions are more frequented than ever before because of the variety of competitors striving hard to put forth best prices and offers.
Mobile internet-connected “Smart points of sale” have unlocked new sectors to electronic payments, and the government is opening up a whole new set of banking services through new technology.
Abhijit Bose, CEO and Co-Founder, Ezetap said, “We’re trying to focus on digital electronic transaction adoption. That’s the big mega picture that everybody is working on. The government is working on it,” he said, referring to National Payments Corporation of India’s rollout of its Unified Payments Interface, which brings interoperability from different bank accounts and wallets. India is going digital, we not just keep talking about it, but are also witnessing it more faster than ever before.
Internet companies now have all the backing from the government from exploring the unexplored, and are hence leaving not stones unturned to unlock the untapped markets. Mobile wallets are now becoming mainstream as you can book a cab, order your food, or even pay at CCD with your mobile wallet. This is definitely leading the economy to become digital, and on a whole, the country would become digital soon.
“Until this launch, nobody had a single solution that was interoperable and supported every form of digital payment in this country,” Bose said. He also added that mobile wallets can focus on the consumer side, while Ezetap focuses on the merchant side of the equation. The company’s card reader costs $50, needs an Internet-enabled smartphone to accept payments. We wonder how many would really go for it at this price rate. Their monthly package costs Rs.150, it is the standard one.
Paytm, India’s leading mobile wallet had recently announced a QR Code based cashless payment system for offline shopkeepers and services providers, which will enable literally anyone and everyone to start accepting Digital payments. And now with Ezetap integration, Ezetap merchants can accept payment directly from Mobile wallets too.
Vijay Shekhar Sharma, Founder & Chairman, Paytm said, “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.”
Ezetap currently works with Android and Windows Phone smartphones, and is coming out with an iOS version soon. We find the single tap and pay authentication method will be a booster in this one, and more so, will intensify the existing competition in the m-wallet industry.
