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Indian company launches $50 mobile payment device

Bangalore-based Ezetap has launched a new mobile point-of-sale device that will cost a lot less than similar products in the market, while meeting global security standards and RBI guidelines.

Rapid growth in India's online retail and financial service sectors is leading to a demand for secure point-of-sale devices, as companies move towards non-cash based transactions. Overall, credit and debit card based transactions in India are expected to touch 862 million this year, a growth of 33% over last year, according to a report by Atos Worldline India.

"India is the toughest market, very competitive and cost sensitive," said Ezetap co-founder Abhijit Bose, who expects to sell one million devices in the next two years. The Ezetap device, will be priced at around Rs 2,900, consists of a lightweight card reader that can be plugged into any smart device or feature phone used by a retailer. Customers need to only swipe their cards on the mobile to complete the transaction.


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