tech2 News StaffMar 12, 2015 17:48:44 IST
Looks like, mobile payments have slowly stared taking off. Many players including some big tech giants have started providing an ecosystem and apps to ensure secure, on-the-go payment options. In India, one such player in the mobile payments arena is ePaisa. It offers a mobile platform (works on Android as well as iOS) that accepts card payments anytime, anywhere.
ePaisa was founded by brother duo Siddhartha Arora and Akash Aurora, who’ve been in the merchant community for the past 15 years and decided to build the app on seeing the increased penetration of phones and tablets in India. Siddharth Arora is the Chief Executive Officer and Co-founder at ePaisa with degrees and programs from IIM Ahmedabad, Stanford University, UCLA and University of London. Co-founder Akash decided to drop out of college, but is now a Harvard OPM alumni. Currently, the ePaise team has 35 members.
ePaisa is an app-based solution aimed at queue busting, reducing investment in bulky (and ugly) hardware. This mobile tool works with any smartphone or tablet. It doesn’t require new bank accounts or point of sale (POS) relationships to be setup, as all card transaction payments are sent to the existing bank account.
According to Siddhartha, “There are no similar products in the market which revolutionise the entire selling experience for business owners, right from payments, billing and loyalty to the ability to offer value added services to their customers - all through a mobile phone or tablet. “
He tells Firstpost that ePaisa comes with several benefits like payments, full-fledged and free billing and cash register, sales cycles and allied customer patterns, built-in loyalty program and revenue model for businesses to earn from their point of sale investment. ePaise customers include large retail outlets and also small kirana stores. They also cater to exhibitors, doctors, home tutors and so on.
ePaisa makes money by charging merchants/businesses for per card transaction. The cash register and loyalty program is free for the merchants up to a certain size. They also earn a commission from the value added services sold by the merchants.
ePaise was incubated at Ideatree and is self funded. It has bagged the prestigious Red Herring Global Top 100 award in 2014 and was also awarded the TechCrunch Award 2013 for being the ‘Most Disruptive Company’. ePaisa has planned some partnerships and new services, which it plans to roll out over the next two years.
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