Prizm Payments, a Sequoia Capital backed company, has is "on track to process $50 billion in transactions this year, up from $35 billion last year, reports TechCrunch, adding that it now has 30,000 point of sale processing devices and 10,000 ATMs in the country," and is looking to launch a clone of the Jack Dorsey founded mobile payments facilitation service Square. First up, processing $50 billion in transactions is a lot of money, but I'd be surprised is most of this isn't primarily via Prizm's ATM business, rather than the card based payment processing business. If it is mostly from the ATM business, then it is hardly remarkable. The withdrawal of cash should be seen separately from the merchant card processing business, and from what little we can see from Prizm's website, their primary focus appears to be the ATM business. The App Based Point of Sales Approach Techcrunch says that Prizm will roll out a point of sales transaction device and dongle based service for merchants, to around 200 merchants, allowing them to accept card based payments either at a store, on on delivery. However, it's not very clear whether the idea here is to enable commerce or to encourage withdrawals. Enabling commerce will mean that it would tie up with merchants to allow purchase of goods, while mobile ATM's would be about partnering with banking correspondents to enable withdrawal of money at even retail storefronts. But business correspondents model is yet to blaze a trail. Note that Prizm…
