PayUMoney has acquired the payment app creator Eashmart in a bid to strengthen its mobile payment platform and help smaller business in the country to go cashless.
“Increasingly, more and more customers do not carry cash but are forced to make a trip to ATM to pay for deliveries or small ticket items like food, groceries, pizza etc,” said Nitin Gupta, co-founder and CEO, PayU India. “We want to get all these small mom-and-pop stores on mobile and give customers the flexibility to pay even Rs. 10 from their credit card.”
Eashmart specialises in developing card-based payments that do not require customers to physically swipe their card. This makes it an interesting proposition for PayUMoney, which currently centres a mobile payments app. This app has already been adopted by 200 small merchants, freelancers and start-ups in India.
“The time is now to solve the mobile payment issue as traffic is increasingly moving to mobile devices,” said Rahul Chowdhri, partner at Helion Venture Partners. “Mobile has the fastest growing traction since most of the smaller towns and cities in India are coming online on mobile first.”
Three years on from being acquired by PayPal, Braintree, a company which allows merchants to process a range of different payments, has revealed the number of its payment transactions has increased by 25 times.
There’s more signs of consolidation in the crowded European payments space with news that Stockholm-based iZettle is buying a company called intelligentpos.
MasterCard has bought Vocalink for £700m ($920m) in a deal that has been rumoured for months.
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