Ezetap, the startup that has been incubated by Angel Prime has announced the launch of its new mobile point of sale device which is priced under $50. The MPOS device can be attached to mobile phones and can transact debit and credit card payments. The company is saying is that the device is priced at 1/3 the price of other integrated mobile POS solutions. The company also stresses that this device has been designed and developed completely in India and can go head to head with other such solutions in Asia.
The device is made exclusively for emerging markets in an effort to gain a strong position in countries which are steadily adopting digital solutions to make retailing and selling easier. The device has been certified as global security standards and RBI guidelines compliant. The company was also the first to achieve EMV global standard Level 1 and 2 certifications for chip based hardware which transacts from credit and debit card. The additional advantages are the availability of transaction data on its service, e-receipts generation for customers, single monthly fees etc. Currently, it only works on Android 2.2+ and requires merchants to have a merchant account with Ezetap’s partner banks.
We had written earlier about Ezetap when they released their Square like card reader last year. The company was founded by Abhijit Bose and Bhaktha Keshavachar. Since it was founded, the company says that it has seen good growth. They claim that there are around 7000 live devices and the company is adding 2000 devices per month. Ezetap has also expanded to Kenya and will begin operations in South East Asia in the next three months or so.
Abhijit Bose, CEO of Ezetap spoke about the new launch,
“Ezetap is committed to delivering world-class products from India. To succeed, we needed to deliver a product that met the highest global security and technical standards, but at a price that could help spread the adoption of mobile payments in India and well as other markets.”
Bhaktha Keshavachar, CTO of the company also shared,.
“Adding the PIN Pad will, for the first time, allow every debit card in India to be supported for mobile payments. While difficult to do, we felt that a single integrated device would provide the best user experience for merchants and consumers.”
The device is expected to be available sometime in this quarter. Digital and mobile based payment solutions are a necessity in a country where most of the population still does cash transactions. These solutions make the whole process much easier for consumers and merchants and should become accessible to the general merchant base in the country at large, in a similar manner in how mobiles and smartphones have become accessible and useful for businesses. The lower cost will definitely get more people to use it as it definitely provides a considerable amount of convenience to merchants and their transaction processes.
Website | Ezetap