India has recently been going through a digitalization of almost everything, and this revolution has now reached the traditional banking and finance sectors. As even large banks have realized that using time tested technology means always staying a generation behind, there is now much acceptance and demand in terms of implementing financial startup products and services in the country.
Additionally, the recent and largest ever government demonetization caused a cash-crunch, hitting the remote, rural areas most, and left citizens with no choice but to go digital. With nearly 1 billion cellphone users in India, and dramatic improvement in the country’s telecom infrastructure in recent years, mobile payments create immense business opportunities.
Ezetap, a local mobile payments company, managed to turn the challenges into opportunities. With its mission to develop cost-effective and affordable payment solutions in India, the company has a vision to design the future way of payments in the country. It has so far solved a number of technical, business, and operational challenges and created the model for future payments handling. It can be deployed easily and at low cost, spreading financial inclusion even in the remote, rural areas and providing avenues to other businesses like e-commerce to reach even the small towns and villages across India.
Ezetap started in 2011, and already has more than 70,000 customers, ranging from large enterprise customers to small retail businesses, and growing rapidly. It is also operating in Kenya and expects to enter the South-East Asian markets later in in 2017.
It has plans to expand further going forward, which is clearly backed by heavyweight venture capital investors, who are excited about the potential of bringing mobile payments to the developing world and pouring generously into Ezetap’s coffers.