Ezetap has announced the launch of Universal Mobile Wallet Acceptance. This is India’s first universal solution allows merchants to accept customer payments from any mobile wallet through their existing Ezetap point of sale application. The solution is integrated into the Ezetap Card Acceptance Platform and offers merchants a unified one-stop solution for all payment acceptance.
Said Abhijit Bose, CEO & Co-Founder, Ezetap, “Our mission is to allow every business in India to collect payments from their customers, supporting every method and instrument that their customers want to use. The shift to digital transactions is gaining momentum with consumers, and we are committed to providing merchants with a simple escalator from cash to card to mobile payments and beyond.”
India has experienced industry disruption in electronic commerce and is now in the middle of a similar revolution in the financial services market. Mobile Wallet adoption has grown exponentially in India, mobile internet-connected “Smart points of sale” have unlocked new sectors to electronic payments, and the government is opening up the entire set of banking services through new technology.
Srikanth Nadhamuni, CEO of Khosla Labs & Chairman of Novopay, said, “There is a huge opportunity to use digital services and payments to transform rural India. With Ezetap powering digital payment at our service points, our customers can walk in with a card or our wallet and instantly get access to a broad range of financial services never before available to them.”
According to a study by research firm RNCOS, the current Indian market size for mobile wallet (m-wallet) stands at about Rs. 350 crore and is estimated to rise to Rs 1,210 crore by 2019. However, until now consumers have used Mobile Wallets only for Mobile Commerce and on-phone purchase. On the merchant side, businesses have been struggling to keep up with the rapid change of pace and figuring out how to support the increasing number electronic payment options available to their customers.
The Ezetap Unified Payment Acceptance Solution now brings Mobile Wallets acceptance to in-person transactions at home or in a store. Ezetap is launching this new functionality with four of the biggest wallet providers in the country, Paytm, Mobikwik, Freecharge, and Novopay, with support for additional major wallets soon to be announced.
Vijay Shekhar Sharma, Founder & Chairman, Paytm, supported this move, and said, “The digital payments ecosystem is transforming the commerce experience for consumers and merchants. Through our partnership, the Ezetap merchant base has the ability to accept payments from consumers who want to use Paytm.”
Bipin Preet Singh, Founder & CEO, Mobikwik, said that the final barrier was to ensure universal acceptance of the wallet at merchants, which Ezetap was addressing.
Commenting on the partnership, Kunal Shah, CEO of Freecharge, said, “Our partnership with Ezetap gives customers of our wallet immediate access to a large set of merchants. Ezetap ensures that the merchant experience is seamless, allowing us to focus on creating the best experience and product for our users.”
As new wallets come online, they will be immediately available to Ezetap merchants through the same application that they are already using. Existing customers of Ezetap can avail of the new service by simply accepting the Terms & Conditions in the Ezetap Mobile POS application. New customers will have access to the solution automatically.