Prizm lands further investment
Electronic transaction service Prizm Payment has bagged a further USD8m funding from Sequoia Capital India, bringing the venture capital firm’s total backing to USD15m, as the market begins to gather pace. The Mumbai-based firm, plans to push the new capital into infrastructure and automatic e-payment devices, says Prizm founder and MD Loney Antony.
Founded in 2005, the firm processes payments for financial firms, retailers and other service providers across 70 cities and 3,500 devices in India and with these figures expected to rise as demand from consumers in the country continues to soar. “As Indians begin to adopt newer payment options like debit/credit cards, electronic wallets, online payment and mobile payment instead of using cash for their purchases, a bunch of new business opportunities emerge around transaction processing, security, authentication and asset management,” says Sequoia MD Mohit Bhatnagar, speaking to VCCircle.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
