Ezetap, a Bangalore based company that is pioneering mobile payments across emerging markets, announced today the launch of the first integrated and globally certified mobile point of sale device with a price point under $50 – approximately one third the cost of any other integrated mobile card reader (supporting magnetic stripe, chip and pin) that is commercially available and certified.
Competing head-to-head against global payments companies using devices manufactured in China in the fast-growing Mobile Point-of-Sale market, the entire Ezetap solution from its card reader to service platform has been 100% designed and developed in India.
Ezetap was started by mobile and payment veterans in India. The Ezetap solution consists of a lightweight and robust card reader that can be plugged into practically any smart device or feature phone and turn it into an intelligent point of sale.
The new Ezetap device has a magnetic stripe and chip card reader with a pin pad integrated into a single product. The device is certified against global security standards and is compliant with the guidelines issued by the Reserve Bank of India (RBI).
Earlier this month, Ezetap had announced that it was the first company from India to achieve both EMV Level 1 and Level 2 certifications. EMV is a global standard for credit and debit payment cards based on chip card technology – also known as smart-cards.
“Ezetap is committed to delivering world-class products from India.To succeed, we needed to deliver a product that met the highest global security and technical standards, but at a price that could help spread the adoption of mobile payments in India and well as other markets,” said Abhijit Bose, Co-Founder and CEO, Ezetap.
Ezetap has experienced rapid growth this year, with a growing list of top-tier partner banks and customers across segments. Ezetap is crossing 7000 live devices in India alone and is adding over 2000 devices per month. In addition to India, Ezetap is live in Kenya and will be expanding to South East Asia in the next three months.
“Adding the PIN Pad will, for the first time, allow every debit card in India to be supported for mobile payments. While difficult to do, we felt that a single integrated device would provide the best user experience for merchants and consumers,” said Bhaktha Keshavachar, Co-Founder & CTO,Ezetap.
Of the few companies across the world that have been able to provide a single integrated device, none have been been to deliver it at this pricepoint.
“Beyond the money and time required, finding the expertise to build a product with this type of technology in India is almost impossible. It’s exciting to see an Indian company setting the pace globally for this market,” said Dr. Pramod Varma, Chief Technology Advisor, Ezetap and former Chief Architect, UID project. Ezetap will begin selling its new device this quarter.