Ezetap is a Bengaluru-based mobile payments company and financial technology provider, founded in 2011. Ezetap's mobile solution and secure SaaS payments platform cater to brick-and-mortar retailers, e-commerce companies, insurance, FMCG, restaurants and hospitality, retail, taxi services and other enterprises.
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Product
Ezetap provides a payments platform for businesses to accept multiple types of payments: debit or credit cards, online payments, mobile wallets like Apple Pay, or an instant consumer-to-consumer money transfer via mobile apps through the Indian government's Unified Payments Interface (UPI) network. Ezetap also provides its own hardware POS device which works with smartphones to read data from the magnetic stripe or chip of debit or credit card and accept payments. The company's POS solution has three components: a smartphone, Ezetap's mobile POS card reader payment application and the Ezetap POS card reader that plugs into any smartphone.
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Partnerships
In January 2013, Ezetap partnered with Citibank for its mobile POS terminals for merchants to receive payments from credit and debit cards in India. In 2014, Ezetap partnered with State Bank of India (SBI) to provide POS terminals, and an ATM solution for SBI and its five associate banks. With this, the credit and debit card holders can swipe their card to carry out three types of transactions: sale, sale and cash withdrawal, and cash withdrawal only. Ezetap is partnered also partnered with all the major banks in India including SBI, Citibank, HDFC Bank, Axis Bank, Yes Bank, DCB and RBL. Ezetap's payment platform also works with all other banks in India. Ezetap has also partnered with Airtel Money, Freecharge, Idea Money, Jio Money, Ola Money, Oxigen, Payzapp and Vodafone's m-Pesa for acceptance of mobile wallets for its merchants base.
Funding
Ezetap was founded in 2011 by Abhijit Bose and Bhaktha Keshavachar along with Prime Venture Partners. Ezetap has raised around $51 million from investors: American Express, Berggruen Holdings, Capricorn Investment Group, Helion Venture Partners, Horizons Ventures, Jeff Skoll Group, Jonathan Soros backed JS Capital, and Social Capital in Series A, Series B, Series C, and Series D funding rounds.
Acquisitions
In June 2014, Ezetap acquired Hyderabad-based Clinknow that built technology to help merchants understand customer behavior. In June 2017, Ezetap acquired FortunePay, a Bengaluru-based startup that provides payment switching infrastructure to banks. With this acquisition, Ezetap's switching infrastructure processes payments from payment machines made with credit or debit cards. If the switch of one of the partner banks is down, Ezetap processes the transactions using the switch thereby minimizing downtime for merchants.
See also
- Square, Inc.
- Adyen
References
External links
- Ezetap official website
Source of the article : Wikipedia
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