Ezetap Solutions – Changin Mobile Payments landscape
Ezetap, a solution developed by mobile payment service providers Ezetap Mobile Solutions Pvt Ltd. The Bangalore based startup company was founded in 2011 by Abhijit Bose, Bhaktha Keshavachar and Sanjay Swamy.
Ezetap consists of lightweight card reader, a configurable mobile app and a flexible platform. It provides customized value-added services and scalable to integrate into merchant’s existing systems. The device can be plugged into any smart device or feature phone used by the retailer either thru blue tooth, USB or audio jack.
Ezetap solution helps a retailer or merchant to turn his smartphone into intelligent point of sale machines. Another feature of Ezetap device can read all types of cards issued by the banks and provide financial transactions related to credit card sales and real time bill payment.
Ezetap device was launched in 2012, economically priced at $50. This is much cheaper compared to high cost of the point of sale (POS) machines which are used by merchants. Due to development of cost competitive solution, mobile POS like Ezetap is set to witness much more acceptance. Ezetap device is similar to the point of sale device offered by US based Square.
The company claims that more than 12,000 devices have been deployed by them. The company targets to cross 100,000 devices in next 12 months. Many companies in the sectors of e-commerce, bill payment & collections, insurance, FMCG, restaurants and hospitality, retail and cab services have tied up Ezetap for the services.
Ezetap has tied up with State Bank of India (SBI), BigBasket.com and Flipkart to provider payment services with their device.
Ezetap acquired another Hyderabad based startup Clicknow, which helps retailers target customers based on buying pattern. Clicknow analyses transaction data and builds predictive model of target customers based on shopping history. Analysis will be based on filters like spending behavior, locations and demographic of the customers.
“Small and medium merchants who have not access to state of art loyalty solutions until now will see increased footfalls and customer satisfaction. The integration of loyalty and offers is a natural extension of point of sale,” said by Abhijit Bose, CEO of Ezetap after the acquisition of Clicknow.
State Bank of India (SBI) has entered into agreement with Ezetap Mobile Solutions to deploy 5 lakh mobile POS devices across country, a definite boost to the growing Mobile Payment Services.
Invest India Micro Pension Services (IIMPS) which caters to low income informal sector workers to accumulate micro savings is partnering with Ezetap Mobile Solutions to cater their 1.7 million customer base.
In November 2012, Ezetap Mobile Solutions received Series ‘A’ funding of $3.5 million from Social+Capital Partnership, a silicon valley based venture capital along with PayPal’s Peter Thiel, David Sacks (Yammer Founder) and Nicholas Berggruen, a seed stage investor and Angel Prime – an Indian based incubator with US backers. With this funding, Ezetap Mobile Solutions rolled out their services in many countries of Africa and Asia continents.
In February 2014, Ezetap Mobile Solutions received Series ‘B’ funding of $8 Million from Helion Venture Partners and Berggruen Holdings along with existing investors. In March 2014, the company another tranche of funding of undisclosed amount from American Express. These funds will be used to accelerate its growth in Asia and Africa.
Nowadays Mobile Payments Service Provider sector is witnessing lot of action in terms of funding. American Express invested $4.5 Million in a cloud SaaS based CRM solution provider Capillary Technologies, a Bengaluru based startup.
Another company NeoBytes Software solutions headed by Ananda Kallugadde invested undisclosed sum as seed funding in another mobile payment services provide iKaaz. iKaaz, offers ‘Tap and Pay’ technology for payments.
Mumbai based Mswipe Technologies raised Series ‘B’ round of funding from Matrix Partners, Axis Bank and DSG Consumer Partners.
The growth of Indian economy and technology with the advent of internet and smartphones provides greater challenges to Mobile Payments Services Providers. With greater funding, these companies can contribute towards the goal of financial inclusion for all.