State Bank of India announced that it has selected Ezetap Mobile Solutions, the Bangalore-based company that is pioneering mobile payments for emerging markets, to launch the largest mobile Point-of-Sale (mPOS) deployment in India to date.
State Bank of India announced that it has selected Ezetap Mobile Solutions, the Bangalore-based company that is pioneering mobile payments for emerging markets, to launch the largest mobile Point-of-Sale (mPOS) deployment in India to date. The “Made in India” solution will be made available to customers of the bank and its associate banks across the country. State Bank of India (SBI) plans to deploy 500,000 POS terminals within the next 5 years.
“Mobile POS has the power to transform payments and commerce in India. MPOS can be deployed easily and at low cost in every corner of the country”, said S.K. Mishra, Deputy Managing Director, State Bank of India. “In addition to building India’s largest merchant acceptance network, the SBI-Ezetap platform allows us to provide many value-added services for merchants and consumers from a single, secure POS device and application.”
Although India has more than 300 million unique credit and debit cardholders, the acceptance infrastructure in India and similar emerging markets has lagged. However, with smart-phones and tablets becoming cheap and pervasive, the mPOS market is expected to grow exponentially and account for a significant percentage of transactions and new terminals deployed across the region over the next five years.
“We are pleased that we are able to launch a globally-recognized solution that is also made in India,” added Mishra.
“State Bank of India can change the landscape of commerce in India by ensuring ubiquity of electronic payments in every corner of the country”, said Abhijit Bose, Co-Founder and CEO of Ezetap. “Being chosen by State Bank of India is a validation not just of the solution that we have built, but also of our ability to scale and support the largest bank in the country.”
The selection of Ezetap was made by SBI after a formal tendering process. The Ezetap solution turns any merchant’s mobile device into an intelligent point of sale that is able to read any type of card and complete any type of financial transaction ranging from a credit card sale to a real-time bill payment, to an ATM cash withdrawal or deposit. The Ezetap solution is comprised of a secure and lightweight card reader, a configurable mobile application, and a flexible platform that allows Ezetap to provide customized value-added services and integrate to a merchant’s existing systems. Last year, Ezetap released the world’s lowest cost, fully certified Chip, PIN, and magnetic stripe card reader. The Ezetap Card Reader can connect to a mobile device via Bluetooth, USB, or Audio.
"State Bank of India is an icon for all Indians", said Sanjay Swamy, Chairman of Ezetap. "Electronic payments are strategic to the greater economic growth of India, and our team is committed to work closely with SBI and helping the nation achieves this objective."