Ezetap, a mobile payment solutions start-up, is planning to target small towns and villages in India to offer mobile Point of Sale (mPoS) services.
“Ezetap’s mobile payment platform, which turns any mobile device into a point of sale (PoS) payment terminal, provides a cost-effective alternative like micro-ATMs to reach 6,00,000 villages in India and connect them with banks, insurance companies and even online shopping sites,” a top company official said.
"Access to cash is seen as a key requirement of banking and most financial inclusion initiatives have had limited success. People are rightfully paranoid with the idea that when they urgently need access to cash, they have to travel 20 km to the neighbouring town and eventually find an ATM. Despite banks scaling their ATM networks, the size and scope of the problem means the rate of growth is always behind the demand," said Abhijit Bose, Co-founder and CEO, Ezetap.
The solution is offered at an enticing price point of Rs 499 (as a non-refundable deposit) with a monthly fee of Rs 150 and commission of Rs 5 per cash back transaction, said Sanjay Swamy, Co-founder and Chairman, Ezetap.