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Digital payments company TranServ is launching a new mobile wallet and is tying up with mVisa and RuPay to make it acceptable across offline stores and ecommerce portals, reports Economic Times. Speaking to the publication, CEO Anish Williams said TransServ will be tying up with mVisa, RuPay and commercial banks to increase acceptance of the wallet rather than signing up with numerous individual merchants.
Visa launched its mVisa payments service in August this year which allows users to make cashless payments from their smartphones at physical stores, e-commerce websites and deliveries at home via QR codes. mVisa counts ICICI Bank as a client and the bank allowed users to make cashless payments from their smartphones at physical stores via the Pockets app using the mVisa service.
The Economic Times report also added that TranServ’s new wallet is still in beta testing and is called Shmart and will be relaunched later this month.
Interestingly, TranServ tied up with RBL Bank and launched Shmart in February where RBL Bank provided semi-closed loop prepaid account to store funds. Shmart offers a prepaid reloadable wallet for consumers and gives merchants API access to integrate wallets on their website. At the time Shmart said it counts over 150 merchants, including PayUMoney, as its customers.
Appoints chief product and marketing officer: Earlier in November, TranServ appointed Asutosh Upadhyay as chief product and marketing officer. Prior to this, Upadhyay has worked at OnMobile, where he led the global digital marketing for over 4.5 years. Upadhyay worked as the head of business development at MindHive Labs for over 2 years and as a member of the engineering services at TVS Motor Company for about a year.
Funding: In July 2014, TranServ raised an undisclosed amount in Series B funding from Faering Capital’s India Evolving Fund and existing investor Nirvana Venture Advisors. The company had previously raised an undisclosed amount of investment from Nirvana Venture Advisors in July 2012.