Citrus Pay, a Mumbai-based digital payments service provider, and Ezetap Mobile Solutions, a Bangalore-based mobile payments service provider, have developed electronic payment platforms that address internet security and connectivity challenges, both of which have discouraged Indian consumers from using digital payment methods. Citrus Pay’s platform reduces technical complexity, allowing consumers and merchants to complete payment transactions in two steps in as fast as four seconds. The company has approximately 500 merchants using its online payments and email invoicing solutions and expects to increase its clientele to 2,000 merchants by 2014. Sequoia Capital, a US-based venture capital firm, recently invested USD 2 million (INR 11 crore) in Citrus Pay, taking a minority stake of undisclosed size in the firm. Financial data for Citrus Pay is not available.
Ezetap Mobile Solutions’ platform allows vendors to accept retail payments using their mobile devices as point-of-sale terminals by attaching an Ezetap Reader. Since its inception in 2011, Ezetap has raised USD 3.5 million in venture capital form undisclosed sources. Financial data for Ezetap is not available.
According to a recent report from Atos Wordline India, a Mumbai-based information technology services company, debit card transactions are expected to reach 466 million people; spending via debit cards, credit cards and internet banking are expected to grow by 40 percent; and banks expect to raise debit card issuance by 17 percent by 2014. The report has not been made available on the Atos Wordline India website.
By Jennifer Young, Research Associate
Sources and Additional Resources
The Economic Times Story: “Electronic Payments Sector Gains Momentum as Government Promotes To Enable Financial Inclusion”
http://articles.economictimes.indiatimes.com/2013-03-29/news/38125629_1_bhaktha-kesavachar-payments-electronic-transactions
Atos Wordline India Website:
http://in.atosworldline.com/
MicroCapital Story: “MICROCAPITAL BRIEF: Anne Hastings of Fonkoze Outlines Framework for National Mobile Money Systems,” March 5, 2013.
https://www.microcapital.org/microcapital-brief-anne-hastings-of-fonkoze-outlines-framework-for-national-mobile-money-systems/
MicroCapital Story: “MICROCAPITAL BRIEF: World Bank Releases Government Electronic Payment Program Guidelines,” August 23, 2012.
https://www.microcapital.org/microcapital-brief-world-bank-releases-government-electronic-payment-program-guidelines/
MicroCapital Story: “MICROFINANCE PAPER WRAP-UP: “Vulnerability: The State of the Microcredit Summit Campaign Report, 2013;” by Larry R. Reed; Published by the Microcredit Summit Campaign; 48 Pages,” February 12, 2013.
https://www.microcapital.org/microfinance-paper-wrap-up-vulnerability-the-state-of-the-microcredit-summit-campaign-report-2013-by-larry-r-reed-published-by-the-microcredit-summit-campaign-48-pages/
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