One97 Mobility Fund backs Indian mobile payment player
One97 Mobility Fund has invested an undisclosed amount in Mobiswipe Technologies, a mobile payment solution provider based in Mumbai.
Vijay Shekhar Sharma, CEO and founder of One97 Communications, which runs the fund with SAIF Partners, will become chairman of the MobiSwipe board.
Mobiswipe enables merchants to accept credit and debit card payments using Android-based mobile phones and tablets as point-of-sale terminals. The company plans to launch its mobile payment solution in 3-4 weeks.
"In India, 90% 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," Vijay Shekhar Sharma, founder and CEO of One97 Communications said in a statement.
"MobiSwipe's service is critical to the Indian payment eco-system to allow as many merchants to accept digital-mobile payments. We are very proud to associate with the passionate MobiSwipe team."
The extra investment will be used by the Mobiswipe to expand its operations to new cities and to hire more people. It currently has bases in Mumbai and Chennai, with eight staff, but will soon open in New Delhi and Bangalore.
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