With an estimated 900 million mobile users, India is the second biggest mobile market in the world after China. And as with ecommerce that is witnessing a second coming, mobilebased payments that failed to take off nearly five years ago are now being launched in newer and improved versions.
Ezetap Mobile Solutions, a company that processes card payments on mobile phones, has built technology that allows anyone to accept cards—from merchants to cabdrivers, grocers and pizza delivery boys. It allows feature phones, smartphones and tablets to be converted into full-fledged point of sale terminals. Backed by AngelPrime, an incubator started by serial entrepreneurs, Bala Parthasarathy, Shripati Acharya and Sanjay Swamy, the venture is drawing from the failures of ventures such as mChek in the past.
Ezetap received its first round funding of `19 crore from a group of influential Silicon Valley investors, including Yammer founder David Sacks and Paypal Inc co-founder Peter Thiel, last November.
Cash will mostly disappear and be replaced by smart devices to carry out transactions
Ezetap, Gharpay, Mswipe
The technology allows mobile devices to become full-fledged point of sale terminals. It allows anyone to accept cards
Ecommerce customers, retail, pharmacies, cabdrivers, grocers, pizza delivery boys, and even hairdressers
How long to earn first reveneus
It can take from six months to a year