Read our previous coverage of Eashmart.
The product is considered a payment processor by the RBI, and the regulatory body requires such companies to be Payment Card Industry (PCI) compliant. The startup is already PCI Level 4 compliant and is finishing up the last stage of the PCI Level 1 compliance.
The service is currently live across 5 merchants in Delhi, Bangalore and Jaipur, and will expand to more cities and merchants soon. The mobile app is currently available only for Android devices. An iOS version will be launching soon.
Funding in the mobile payment space seems to be heating up.
Recently Bangalore based mobile payments solution provider iKaaz raised seed investment from a group of angels led by Ananda Kallugadde.
Also earlier this month, Mumbai based POS device and service provider, Mswipe Technologies raised funding of an undisclosed amount in a Series B round from Matrix Partners and Axis Bank.