Telecom Lead India: One97 Mobility Fund has invested in MobiSwipe Technologies, a Mumbai-based mobile PoS company.
MobiSwipe allows merchants to use Android mobile phones or tablets as Point of Sale (PoS) terminals with the capability to accept credit and debit card payments.
Mobiswipe’s offering seeks to address the limited availability of PoS terminals. One97 Communications, the company behind the One97 Mobility Fund, has already launched its payment initiative under the Paytm payments brand.
In India, 90 percent of commercial transactions are done in cash, which needs to change and I believe mobile phones are the catalyst to achieving a cash-free payment environment.
“MobiSwipe’s service is critical to the Indian payment eco-system to allow as many merchants to accept digital-mobile payments. MobiSwipe uses Android device and gives power to the merchant. We need innovative methods like these to bring more consumers to use digital-mobile payments,” said Vijay Shekhar Sharma, founder and CEO of One97 Communications.
Harmeet Singh Arora, co-founder & Jt. CEO of MobiSwipe, said: “There is a huge market opportunity that lies ahead for us. This new financing enables us to scale up operations and accelerate growth. India being a diverse market place, the philosophy of ‘One Size Fits All’ will not work hence MobiSwipe will launch customized products for merchants which will accelerate growth.”
With the investment, Vijay Shekhar Sharma will join the MobiSwipe board and become chairman of the company.