12 January 2015
Digital payment business has been gaining footholds as India is gradually moving towards cashless economy. Established startups like Mswipe, iKaaz and Ezetap had enabled thousands of merchants to receive payment via mobile and tablet. On a similar line, founding team of EBS (acquired by Ogone) has launched Paynear.
The company’s flagship product mPay is a versatile merchant payment solution built to support multiple verticals. Apart from offering the world’s most reliable and popular mPOS reader in the form of Miura Shuttle, the solution includes an app that is easy, safe and secure to operate.
mPay app is easily customisable for merchant needs based on their respective vertical enhancing the overall payment experience. The solution offers a lot of value added services aiding in additional revenues and improved business tracking using data analytics for merchants.
The solution is portable and can be used not only on smartphones/tabs but also on Windows PCs, and has been integrated with many traditional POS systems enabling seamless deployment and operation. mPay will accept all major credit and debit cards. It’s presently compatible with Android devices and the company says it’s working on launching the app for Apple devices in the near future.
mPay also partnered with the country’s third largest bank, Axis Bank, to offer complete end-to-end merchant centric mobile POS across multiple cities in India. “At present, there are few players in this space but Paynear has a differentiator right from approach to offerings. Our experience of 10 years in payments and core strength in providing merchant centric solutions has helped us to devise solutions beyond card acceptance,” says Priti Shah, CEO of Paynear.
Paynear’s omni-channel package consists of mPOS solution, CRM and payment gateway to simplify payment processing and complement the payment ecosystem. The company encourages merchants to check out its product features to experience the differentiators. “We are confident that irrespective of the business vertical they will find mPay caters to their business requirements with user friendly interfaces to multiply business,” adds Priti.
Leveraging Axis Bank’s reach Paynear targets to have 100K merchants using mPay in the next three years. When it comes to response from the market, Priti says that feedback from customers has been encouraging and has opened new arenas and line of business for all stakeholders.
“We are now expediting delivery for future offerings. With the good start of operations, we have received appreciation from stakeholders and customers for rolling out an apt solution for home delivery payment acceptance, queue busters and customer engagement models,” she adds.
The company plans to expand operations to 100 cities and different geographies in the next three years with over 1 lakh merchant base with multiple product suites to empower industries with a customizable payment solution.
Paynear competes with mSwipe, Ezetap and iKaaz and Hyderabad-based MobileCozy (now AasaanPay). The intersection of mobile and payments is a space rife with opportunity and Paynear sits pretty in the beginning. It’ll be interesting to see how the space shapes up in 2015.