India’s largest public sector bank State Bank of India (SBI) has selected the Bangalore-based mobile point of sale (PoS) payments startup Ezetap to deploy 500,000 PoS terminals in the next 5 years. The company was selected by SBI following a formal tendering process.
This is a key partnership for Ezetap and the company informs that this solution will be available for customers of SBI and its five associate banks across the country. Ezetap claims that this is the largest mobile Point-of-Sale (mPOS) deployment in India to date. The financial details of the partnership were however not disclosed.
In January last year, Ezetap had also partnered with Citibank to launch a mobile payment solution for merchants targeting credit and debit card holders in India. As part of the partnership, merchants were expected to receive real time information during the payment and collection process, when customers transact using Ezetap. Citibank had then claimed to have partnered with companies like Shoppers Stop, Bajaj Allianz, Flipkart, BookMyShow and Vodafone to deploy this solution for payment and collection.
Earlier this month, Ezetap had also acquired the Hyderabad-based loyalty platform Clinknow to launch an integrated payments and loyalty solution for merchants across India. Ezetap CEO Abhijit Bose had claimed that the integrated solution will be able to recognize a repeat customer during check-out and apply the best active offer.
AngelPrime-incubated Ezetap is currently one of several Square-like mobile PoS solution providers in India. The solution comprises a card reader, mobile app and a platform that allows Ezetap to provide customized value-added services and integrate with a merchant’s existing systems.
Through this solution, merchants can convert their mobile phones into point of sale terminals by plugging in an Ezetap card reader. The company says the card reader can connect to a mobile device via Bluetooth, USB, or Audio and supports feature phones, smartphones and tablets. Its customers include Myntra, BookMyShow, Olacabs, redBus, BigBasket, Temple Tree and Reliance Mutual Fund among others.
The company has raised around three rounds of investments until now – a strategic undisclosed investment from American Express in March this year, a $8 million investment in Series B funding led by Helion Advisors with participation from existing investors Chamath Palihapitiya’s The Social+Capital Partnership and Berggruen Holdings in February this year and $3.5 million in series A funding from Peter Thiel, Chamath Palihapitiya, Nicolas Berggruen and David Sacks in November 2011.