Payments services major Suvidhaa
Infoserve had acquired AasaanPay, the first Indian mPOS (mobile point of Sale)
platform. The mPOS Technology enables debit or credit card transactions and cash
withdrawal on the spot or on the move using mobile phones and helps reduce the
cost of merchant touch points.
Suvidhaa Infoserve, a $15 Billion
entity plans to leverage the mPOS technology for tapping the utilization of
over 15 crore cards issued under the Jan Dhan Yojana by the government and
another 50 crore debit cards issued by various banks. Suvidhaa was founded by
Mumbai based entrepreneur Paresh Rajde in 2007 with angel funding by
construction tycoon Shapoorji Pallonji Mistry.
Its investors include Norvest Venture
Partners, World Bank Group’s International Finance Corp, Mitsui & Co and
Reliance Capital. As part of the deal, which size was not disclosed, Hyderabad
based AasaanPay Crore core technology team, led by Chief Technology officer
Pruthvi Sabbu. Suvidhaa will fast track its plans to penetrate small merchants
and tap bottom of pyramid customers, while taking the card-based transaction
size to Rs. 500 crore per month from Rs 15 crore currently.
Mobile payments business in India
is expected to grow 200 times in seven years to over $3 Trillion. The mobile
payments will account for 10% of the total payments in India which was just
0.1% in financial year 2014-15. Suvidhaa has already partnered with Axis Bank
for launching India’s first Aadhar based e-KYC Prepaid Card and for the mPOS
with State Bank of India (SBI).
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