Ezetap launches an inclusive banking and payments platform
Ezetap is a mobile based payments company that aims to change the landscape of electronic payments in emerging markets. Co-founded by Abhijit Bose and Bhaktha Keshavachar, their idea got a thrust when Sanjay Swamy, managing partner at AngelPrime Partners decided to invest in the company and came on board as co-founder and chairman. The seed round also had Social+Capital Partnership as a co-investor. The company went on to raise a $3.5 million series A in 2012 and $8 million series B led by Helion in early 2014. The company has now launched an inclusive banking and payments platform. (read their complete story)
This is an integrated mobile POS & micro-ATM platform – enabling banks to provide a unified, standards-based and certified solution that combines three key capabilities – bank account opening using Aadhaar-based biometric authentication, micro-ATM transactions (balance enquiry, mini-statement, cash-in, cash-out and money transfer) as well as Point of Sale functionality for merchant payments. The company also announced that all its devices currently being deployed in the market are field upgradeable to add all these capabilities.
The team at Ezetap believes that most of the financial inclusion initiatives in the country have seen limited success due to proprietary and closed loop implementations. With the introduction Aadhaar for Electronic KYC and RUPAY card for financial transactions, the stage is set to bring people into the banking system. However banks and business correspondents still need to develop last-mile solutions, which could be difficult to develop, and expensive to deploy. The Ezetap Inclusive Banking & Payments platform is a turnkey solution that provides all the core elements required for the last-mile. This includes:
- A Mobile or Tablet-based Application for the front-end application
- A back-end solution that is integrated into the Aadhaar Authentication/eKYC cloud as well as all Payment Networks (RUPAY, Visa, MasterCard, American Express)
- A secure and portable Made-in-India Card reader with PIN capabilities, certified as per global standards of EMV and PCI/PTS (PED)
- Aadhaar Biometric Authentication Module
- A printer with an integrated and elegantly designed integrated stand
“We congratulate Ezetap to have developed a world-class solution that is 100% made in India, and adapted for this market”, said Shri A.P Hota, Chief Executive Officer of National Payments Corporation of India. “We are confident that such solutions will be a key component of the future of Inclusive Banking in India”.