EZETAP MOBILE SOLUTIONS – EASE OF PAYMENTS

LOCATION: Bengaluru

It was not just big companies that needed a portable product for payments. Merchants in

smaller towns and cities too needed low-cost solutions to accept debit and credit card

payments.

“Their product costs only $50 as compared with $300 charged by any other terminal that

accepts payments”. Ezetap is small enough to fit into a pocket and, when connected to

smartphones or tablets, converts them to point-of-sale devices that can read card details and

enable payments through a mobile application.

Once the app is launched, the user has to enter the transaction details and then swipe the card

over the Ezetap device, which has a card reader and magnetic strip. The app acknowledges

the transaction and allows the user to digitally sign, after which the payment is processed.

The mobile app is also connected to the Web through the server that monitors back-end

operations.

Ezetap Mobile Solutions has sold over 45,000 devices and tied up with five banks in India. It

raised two rounds of funding—series A and series B—from Helion Venture Partners,

Social+Capital Partnership, Berggruen Holdings and American Express Co. Keshavachar is

looking to raise a series C round of funding of $20-50 million by March this year.

The company is also planning to partner with more merchants and some international banks.

Its device and services are already used by e-commerce sites such as Amazon.in

and BigBasket.com, and firms such as Reliance Mutual Fund. Ezetap devices enable on

average, daily transaction value between ₹ 3 crore and ₹ 5 crore.

So, the next time you make a debit or a credit card payment while travelling by an OLA cab,

or while accepting a delivery from fashion e-commerce site Myntra, you may want to give

Ezetap some credit for making that happen.