Cochin Based Empays Payment System has gotten approval from the government to set up a multi bank payment system using instant mobile transfer system, according to the latest update by the foreign investment promotion board.
The company is bringing in Rs 27.5 cr to implement the system from a foreign investor. The company is backed by Axis Bank, India’s second largest private sector bank.
Cochin based emPay was founded in 2008 and has been working with banks in various segments such as ATM & Debit Card Reconciliation Systems, ETF Authorization switch and other services including IMPS money transfers. It counts South Indian Bank, Syndicate Bank, payment solutions company FortunePay and British software major Atos as is clients.
Mobile payments in India has been on the rise for the last couple of years. Digital wallets, IMPS are prevalent methods that enable mobile payments. For those who don’t know what all the fuss is about check out this article which explains all about Interbank Mobile Payment Services in India. It was setup by a banking consortium to improve mobile payments in the country. IMPS transactions in India has seen a jump of nearly 22X, signaling a sharp rise in mobile fund transfers in the country. More than 7 lakh transactions worth over Rs 400 cr were carried out using IMPS in July 2013.