UAE-based payments solutions provider OMA Emirates has acquired Chennai-based fintech startup MobiSwipe Technologies, a mobile payment service provider, for an undisclosed amount, according to a media report.
With this acquisition, OMA Emirates aims to scale its services and portfolio in the Middle East, Eastern Europe, and the APAC regions.
Launched in 2011 by Harmeet Singh Arora and Suresh Santhanaramakrishnan, MobiSwipe is a payments enabler for merchants to facilitate payments via credit and debit cards through its mobile application.
As per an official statement, MobiSwipe’s technology is compliant with PCI-DSS and PA-DSS. It claims to offer an easy inventory solution and merchants are not required to open new bank accounts. Users can process payments via their Android devices. MobiSwipe also offers a card reader connected to its app via Bluetooth. Users can authenticate their cards via PIN inputs and receipts are sent over email and SMS.
Suresh Santhanaramakrishnan, Director and Joint CEO, MobiSwipe said, “With the recent demonetisation announcement by the Government, India is swiftly moving towards a more cash free payment environment. The mobile payment market is witnessing a surge and Mobiswipe’s acquisition by OMA Emirates will definitely give it the right impetus of growth. Alongside, this acquisition will ensure that MobiSwipe makes the right international progress.”
OMA Emirates Group provides payments solutions for card personalisation, payment issuance and payment acquiring systems through a global delivery platform.
Commenting on the acquisition, Niranj Sangal, Group CEO, OMA Emirates Group said, “There is an increasing acceptance and growth of mPOS solution over the last few years with many of our customers having shown interest in the solution. At OMA Emirates we believe that it is important to take note of our customer and market needs and for us to be positioned to provide them with the right solutions and services. Having acquired MobiSwipe we are now able to extend the mPOS offerings and we are confident of a larger portfolio. Knowing the mobility, portability and ease of use of such a solution, we see a huge potential in MobiSwipe not only in India but also beyond its boundaries.”
Over the past few years, the payments landscape in India has shown some major shifts with digital payments witnessing an exponential growth. The digital payments industry in India is projected to reach $500 Bn by 2020, as per a recent report by Google and Boston Consulting Group.
In May 2016, Gurgaon-based mobile wallet company, MobiKwik raised an undisclosed amount of funding led by Japan’s GMO Payment Gateway and MediaTek. In August 2016, South Africa-based Net1 UEPS Technologies Inc. invested $40 Mn for a subscription agreement with MobiKwik in order to mark its foray in India. In September 2016, Gurugram-based online payment service provider PayU acquired its rival online payment gateway CitrusPay. Other players in the segment include Ezetap, MSwipe, Mosambee among others.