☰
The leading offline Point-Of-Sale (POS) business, Ezetap, which was formed to make in-person offline payments simpler, has been acquired by fintech behemoth Razorpay, through a deal worth USD 200 million.
The acquisition will enable Razorpay, which is located in Bengaluru, to enter the offline payments space and will become one of the few businesses with a sizable presence in both the online and offline payments industry. However, this acquisition is considered to be the sixth and largest acquisition for Razorpay to date.
Razorpay reported USD 80 billion in total payments in April 2022 and is now aiming for a merchant base of 10–12 million by the following year. Additionally, there are already 8 million businesses partnered with the fintech specialist. Whereas, for internet businesses, it offers services including managing financial operations and taking payments.
Harshil Mathur, the co-founder, and CEO of Razorpay stated that this acquisition presents a significant chance to redefine omnichannel payments. He added that businesses of the future won't differentiate between physical and digital channels and will anticipate a unified payment experience delivered by a single integrated platform, both online and offline.
On the other hand, even if digital adoption has witnessed unprecedented growth in India, offline payments are still a crucial component of the ecosystem. Ezetap has changed how offline payments are made over time by allowing businesses to take payments in-store and during delivery, through several software services including POS systems, billing, and loyalty solutions among others.
Ezetap works closely with India's top banks, including SBI, ICICI, HDFC, and Axis, and currently offers services to over 500,000 POS, including companies like Amazon and BigBasket. Annual transaction volume was reported to have surpassed the USD 10 billion thresholds.
Interestingly, businesses have used a mixed strategy over the past two years to reach their customers in the wake of the Coronavirus outbreak. However, Razorpay is expected to grow into India's largest omnichannel payments solution for all businesses with this strategic acquisition of Ezetap.
Source Credits –
An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...
Pacific Island nations have reportedly pushed Japan to postpone the release of Fukushima nuclear power plant wastewater due to concerns that it may pollute fishing grounds. An appeal was made on Wednesday when Japan announced that treated sewage f...
Danone, the French bottled water and yogurt firm, is reportedly being sued in court by three environmental activists’ groups for failing to cut its plastic footprint significantly. According to the groups, the maker of Evian and Volvic miner...
Bosch, the German technology company, has reportedly expanded its security footprint in the ridesharing market with the launch of its latest security dashcams. At CES 2023, Las Vegas, the German tech firm unveiled a new integrated smart camera on ...
Australia's Prime Minister Anthony Albanese has reportedly denied rumors that Rio Tinto and its partners could receive a $450 million settlement for the Gladstone power station, which would bring the total compensation for the coal price limit to...
Businesses in the UK are still reportedly grappling after two years following the beginning of post-Brexit trading, as suggested by a new report. According to the British Chambers of Commerce (BCC), firms are still battling increased red tape and ...
© 2023 aeresearch.net. All Rights Reserved.