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When demonetisation came into effect around this time last year, the concept of a cashless society took some getting used to for most Indians. The country’s fintech industry, however, saw frenetic activity as more people took to digital transactions.
Bengaluru-based smart payment solutions provider Ezetap saw an almost 100 percent increase in the number of digital transactions within the first three months of demonetisation.
Set up in 2011 by Abhijit Bose and Bhaktha Keshavachar, Ezetap is a full stack payment acceptance company with a range of solutions including Point of Sale machines and smart charge slips.
Their flagship solution, Universal Payments Acceptance, is a platform that enables businesses to offer a single and consistent payment experience to their customers regardless of location, instrument or mode. In 2015, Ezetap introduced Universal Wallet Acceptance. With this, businesses could accept payments from Mobile Wallets and UPI transactions, in addition to credit cards, debit cards, cheques and cash.
According to CEO Abhijit, their capabilities to offer payments as a software service, rather than an ancillary banking product has been one of the reasons why they are successful.
They’ve made payment acceptance digital and entirely taken it to the cloud. “You integrate with us once and without ever having to lift a finger, your payment systems will be able to support all types of payment features, both current and future. With our ‘zero lines of code’ proposition, we are fully future proof and our backend systems can support any infrastructure of any industry, of any size, anywhere,” says Abhijit.
“With systems such as Aadhaar-based biometric payments the importance around customer authentication will go up, and this will help bring the unbanked to the banking ecosystem. We are already at the forefront of implementing this technology and other UPI and QR code-based payments technology,” he adds.
He maintains that India is years ahead of the US in terms of fintech evolution. “The Indian fintech landscape is complex and exciting at the same time, especially with the massive and continued push from the Indian government,” he says.
According to him, for the nature and size of India, our technologies and networks are far and widely spread across every nook and corner. He illustrates with an example. “Recently, we partnered with one of the biggest rural retail chains in the country that has integrated its systems to our latest technology. This chain reaches even the remotest areas of India and the payment solution we have provided works hassle-free, just on GPRS connectivity,” he says.
Abhijit believes that the payments system in India is complex and way ahead of its time, and adds that this complexity and its ability to support innovative technologies is a huge plus. He believes that in a space like this, continuous innovation is the key to growth.
In June this year, they acquired FortunePay, an online and physical payment service provider for banks, which will help them in their journey to become a sole payment service provider for a majority of Indian businesses.
“Ezetap is the result of a Silicon Valley dream. Bhaktha and I come from strong technology backgrounds and we had veterans in the digital payments space backing us. We have been able to build a strong company that is not only in the forefront of technology but is also a par above all our peers in the market,” he signs off.
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