The Indian firm has created an app with accompanying hardware for mobile phones and tablets that allows users to receive card payments by plugging a card reader into the audio jack of the device. The firm currently has apps for web, Android and iOS and claims 4,000 merchants in over 200 cities and towns across India are using its services.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.