PayUMoney said that this acquisition will further its strategy to replace cash payments with online payments
PayUMoney, an online payment solution developed by PayU India, has acquired Eashmart, a mobile-based payment application, according to a Business Line report.
While the transaction terms were not disclosed, PayUMoney said that this acquisition will further its strategy to replace cash payments with online payments. Eashmart was founded by Amit Kumar and he along with his team has joined PayUMoney team where they will continue to help with the development of new app features, the statement added.
By enabling consumers to use credit/debit cards/net-banking to make payments for anything, the mobile app let users buy things without swiping the card in a swipe machine. One of the key features of this app is that it doesn’t require merchants to install or buy any hardware.
Nitin Gupta, Co-founder and CEO, PayU India, said that as fewer users carry cash and rely on card payments, the trend will increase and more physically present cash payments will start getting substituted by online payments.
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