MobiSwipe Technologies, a Mumbai-based mobile point of sale solutions company announced today that it has secured investments by the One97 Mobility Fund.
Mobile payments industry in India is picking up fast with increasing smartphone adoption and governments financial inclusion drive. Recently the government extended another payment method called the Interbank Mobile Payment Service to merchant payments. Telecom operators like Airtel and Vodafone also offer mobile payment services to customers.
One97 Communications, the company behind the One97 Mobility Fund, has already launched its payment initiative under the Paytm payments brand. Vijay Shekhar Sharma, Founder and CEO of One97 Communications, said
In India, 90 percent of commercial transactions are done in cash, which needs to change…We need innovative methods like these to bring more consumers to use digital-mobile payments.
Harmeet Singh Arora, Co-Founder & Jt. CEO of MobiSwipe says that the financing will help them scale operations rapidly. Vijay Shekhar Sharma will join the MobiSwipe Board and become Chairman for the company.
Recently, Ezetap, another company which provides mobile point of sales solutions also raised $3.5 million from storied Silicon Valley investors. Chamath Palihapitiya, David Sacks and PayPal’s Peter Thiel are investing in Ezetap- dubbed India’s answer to Square.
Recommended read: Explained- Interbank Mobile Payment Services in India