Ezetap is disrupting the Indian Payment industry


A story of transformation

Amandeep Singh Bhan | Vice President – Enterprise Sales

Dec 17, 2019

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Over the last few years, India has been going through a huge digital upheaval. Subsequently, the onset of Digital India initiatives has also been transforming the ‘payments ecosystem’ in the country. What used to be a predominantly cash-dependant society before, is gradually turning into a digital economy.

This behavioural change is attributed to a bunch of new developments. Chiefly the cash crunch of 2016, which resulted in a socio-economic climate that urged the adoption of digital payments. Secondly, India is becoming one among the largest bases of internet users in the world, (currently No. 2 with more than 450 M users), of which a majority use it on mobiles. And between demonetisation and high internet penetration, both the union government and several fintech players jumped upon the opportunity to amass hordes of end users. But more importantly, the combination of all of the above set the stage for the positive disruption we were to bring about.

Of course, cash usage is marginally declining every day. But honestly, this transition has been rather overwhelming on the Indian populace, especially in the rural areas. According to a study by Visa and YouGov last year, Indian consumers were openly welcoming the change but still met with a few roadblocks along the way.

Several merchants were still accepting only cash or offering insufficient modes of payment. And although consumers were embracing new modes of payments, 81% of the respondents chose security over convenience. As per data accumulated by one of India’s E-commerce giants, 60% still prefer cash/card on delivery, afraid to put up their banking details online.

Seemingly, several businesses couldn’t afford to invest in various payment technologies/services. There existed a major disconnect between payment systems and bill generation systems, and upgrading both was a costly affair. And as a fledgling digital economy, we still harboured apprehensions over secure transactions online.

What is Ezetap’s disruption story?

Given the scenario, Ezetap aimed to bring about some relevant, and useful disruption. Something that addressed the multiple pain points afflicting end users, enabling faster, better adoption across the country. Even before the digital revolution began in India, we were forging a path to bring the ‘mobile payments fad’ from the west to the east. And thus, we became the first ones to introduce mPOS (Mobile Point-of-Sale) in India. We built a GPS enabled device that would accept all kinds of payments, facilitate secure online transactions, generate bills, and make auto settlements & reconciliations. It eliminates the need for multiple payment tools, abolishes manual errors, and is seamlessly integrated into existing systems. Thereby, it is a solution that reduces costs, improves efficiency, and enhances productivity. We brought thousands of merchants and businesses on board with us, and they process all their payment needs on a single platform today. This is a huge win for us and the netizens of India. Moreover, Ezetap is the sole company in the country to offer all of the above by making it affordable for all. We also meet the business and operational requirement of retailers, e-commerce giants and government departments alike, customising services for each of them.

Subsequently, we were listed on CNBC’s top 50 disruptors list, and CB Insights’ top 250 fintech companies in the world. But little did we know, that we would end up doing so much more.

How is Ezetap enabling the digital payments revolution in India today?

Post-Demonetisation, our work became increasingly relevant. Our UPA (Universal Acceptance Platform) feature is empowering merchants everywhere to offer a wide selection of payment options, probably the widest in India.

Today, our devices accept all payment modes including UPI, Bharat QR, credit/debit cards, and e-wallets, etc. They help generate smart invoices that can collect feedback and facilitate loyalty programs. This gives both the merchant and the customer, an incentive to use digital payments.

In addition to payment/reconciliation needs, we also provide our clients with a multifunctional dashboard that helps track and analyse data collected by the device. But it doesn’t end there. We kept working on our capabilities.

We have helped giants like IOCL and Airtel avoid pilferage in crores. We have enabled the likes of Guwahati Municipal Corporation, Bengaluru Traffic Police (E-challan App) and the Government of Rajasthan (RajCOMP kiosks) to provide seamless citizen services. We are also powering IFFCO e-Bazar’s digital transactions, empowering the agrarian community to go digital.

We simply took digital payments to various rural neighbourhoods in India, one of them being Palnar, Chhattisgarh’s first cashless village. We conduct relevant courses for youth in these areas, facilitating employment and awareness.

Our work with our clients is making heads turn. We are shining a light upon the benefits of digital payments, urging adoption across the country. And needless to say, we constantly strive to innovate and disrupt, to enhance our customers’ and their customers’ digital payment experiences.

Give us a call at 1800 313 141516 or mail us questions at sales@ezetap.com to know about our Universal Payment Solutions

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