BankTech

India Update: Paytm Launches Wallet Top-Up Service; Citrus Payments Acquires Payment Platform Zwitch and MobiKwik Plans to Raise Further Investments

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Paytm Collaborate With Bank of Maharashtra to Provide a Wallet Top-Up Service to Customers:

Indian m-commerce company Paytm has collaborated with Bank of Maharashtra to launch a service that will provide a wallet top-up service to Paytm customers. Through this partnership, bank customers holding debit cards can top-up their Paytm Wallet through any of the bank’s ATMs. The service will be rolled out across the country over the next few days.

Users can now pay their utility bills, shop online and pay for services such as cab fare and more by topping up their Paytm mobile wallets through the bank’s ATMs.

According to Nitin Misra, Vice President of Paytm, “We are excited at rolling out the feature of topping up the Paytm Wallet through bank ATMs. This first-of-its-kind wallet top-up feature through the bank ATMs is bound to make transactions easier and more accessible to everyone, and we see this as a significant step towards powering cash-free transactions.”

Citrus Payment Solutions Acquires Payment Platform Zwitch:

Citrus Payment Solutions, led by Amrish Rau and Founders Satyen Kothari & Jitendra Gupta, acquired Bengaluru-based payment platform Zwitch (run by iZwipe Payment Technologies) for an undisclosed amount. Zwitch offers a payment platform which enables businesses and developers to accept payments on their websites or mobile using 100+ payment options. The company API, as well as payment tools, makes it simpler for developers and merchants to process payments. They company is also credited with the launch of .JS and native SDKs in the Indian market.

Zwitch’s Co-founders Anish Achuthan and Mabel Chack will be joining Citrus Pay in Mumbai along with the rest of the team.

CitrusPay recently raised $25M in series C funding led by PE firm Ascent Capital and early investor Sequoia, with support from existing Japanese investors. The current funds raised by the company aim to bring innovations in merchant payments and mobile payments.

Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The bank also offers services to agricultural and SME sectors.

Apart from focusing on merchants that deal in high-value transactions, the company is servicing hyper-local and small businesses. Citrus operates on both consumer and business side in the payments space. Airtel, IndiGo, Sun Direct, Tata AIA, Fun Cinemas, Pepperfry, Grofers and TinyOwl are among its clients. The firm charges a 2.5% transaction fee from the merchants. Currently, Citrus is focusing on merchant payment services, consumer wallets and its direct-to-consumer app Cube, a personal payments manager that tracks, pays and reminds users of their bills. Recently, the company has launched Project Flight for merchants, a payment gateway that allows users to complete the purchase process through its platform. Its striking features include libraries for all languages, support for Web, iOS, Android and Windows Phone. It also supports all third-party apps and accepts all major debit/credit cards, net banking and Citrus Wallet.

MobiKwik Aims to Expand Across Online and Offline Platforms; Plans to Raise Further Investments:

India’s largest independent mobile payments network, MobiKwik is planning to raise $50-100 million in the next few months. The company aims to expand across online and offline platforms through this funding. So far, MobiKwik has raised close to $30 million in funding. The investment was made by Sequoia Capital, American Express, Tree Line Asia and Cisco Investments.

MobiKwik recently announced that it had processed 5 lakh transactions at brick and mortar stores, amounting to INR 600,000,000. Of the total transactions processed offline, 1 lakh have been across all 260 Big Bazaar outlets, India’s biggest supermarket in the country. The company is aggressively expanding its reach in the offline space as it aims to make mobile payments accessible at more than 100,000 retail stores in India in 2015.

The company is disrupting the payments space further by creating an offline retail network of more than 100,000 merchants across India that will serve both as points for cash loading into the wallet and for wallet payments acceptance.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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