Ezetap has launched Universal Mobile Wallet Acceptance solution, that allows merchants to accept customer payments from any mobile wallet through their existing Ezetap point of sale application. The solution is integrated into the Ezetap Card Acceptance Platform and offers merchants a unified one-stop solution for all payment acceptance.
India has experienced industry disruption in electronic commerce and is now in the middle of a similar revolution in the financial services market. Mobile Wallet adoption has grown exponentially in India, mobile internet-connected “Smart points of sale” have unlocked new sectors to electronic payments, and the government is opening up the entire set of banking services through new technology.
According to a study by research firm RNCOS, the current Indian market size for mobile wallet (m-wallet) stands at about Rs. 350 crore and is estimated to rise to Rs 1,210 crore by 2019. However, until now consumers have used Mobile Wallets only for Mobile Commerce and on-phone purchase. On the merchant side, businesses have been struggling to keep up with the rapid change of pace and figuring out how to support the increasing number electronic payment options available to their customers.
The Ezetap Unified Payment Acceptance Solution now brings Mobile Wallets acceptance to in-person transactions at home or in a store. Ezetap is launching this new functionality with four of the biggest wallet providers in the country, Paytm, Mobikwik, Freecharge, and Novopay, with support for additional major wallets soon to be announced. As new wallets come online, they will be immediately available to Ezetap merchants through the same application that they are already using. Existing customers of Ezetap can avail of the new service by simply accepting the Terms & Conditions in the Ezetap Mobile POS application. New customers will have access to the solution automatically.