India has great growth potential for different types of electronics payments with Government of India opening up a whole new set of banking services through new technology under the Digital India initiative. With a number of mobile wallets being launched in last 12 months, Indian consumers have plenty of options to choose from. However, for merchants it has created a need for a single solution that is interoperable and supports every form of digital payment available in the country.
Indian mobile payments company, Ezetap Mobile Solutions Pvt. Ltd, launched universal mobile wallet acceptance in the country in October 2015, enabling offline merchants to accept customer payments from different mobile wallets such as Paytm, Mobikwik, Novopay, and Freecharge via its Ezetap POS application and devices. Universal applications and interoperability will enable one terminal to perform multiple functions and accept payments from a number of different wallets.
The company is using a pay-as-you-go monthly transaction based pricing model and aims to bring merchants up to speed, as the solution is integrated into Ezetap’s card acceptance platform. The company hopes to benefit from the exponential growth seen in the number of mobile wallet users in India.
The growth in Indian mobile wallet market is being driven by increasing number of digital payments and improvement in ease of access to financial services. With India’s mobile wallet market estimated to reach more than INR 1600 crores by 2020, PayNXT expects more players to enter the market and intensify competition by offering innovative products and solutions to individual and business consumers both.
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