For a startup, this is a big win. The State Bank of India has selected Bangalore based #ezetap Mobile Solutions to launch its largest mobile Point-of-Sale (mPOS) deployment in India.
The bank plans to deploy 500,000 POS terminals within the next 5 years.
The mPOS market is expected to grow 17.2% CAGR by 2015. Nearly 80% of the retail market in India does not have POS installations to offer card-based payments.
POS terminals shipment volumes in the country are anticipated to grow from 0.8 million units in 2013 to 1.1 million units by 2015. In June, Bangalore based iKaaz launched its services in partnership with Kenya’s Family Bank.
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