Eashmart, founded by Amit Kumar, a BTech in Avionics from Indian Institute of Space Science & Technology, enables consumers to use credit/debit cards to make payments without having to swipe the card in a swipe machine. The five member Eashmart team is set to join Pay-UMoneys app development vertical. The deal value was not disclosed by the company.
With PayUMoney app, transactions can be paid online via the users mobile phone. The customer needs to identify the shop/merchant, enter the amount and pay. In all cases, confirmations are sent to user, delivery boy and the shop owner.
The company has signed up 200 small merchants including start-ups, freelancers, schools, residential societies, traders and retailers. Restaurant chain Yo! Chinas Gurgaon outlets are using this product to provide an alternative to cash payments to the customer at time of home delivery.
The app does not require merchants to install or buy any hardware. It also sends the one-time password from users mobile phone without having the user to type password from the text messages.
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