State Bank of India to launch mPOS network with Ezetap

State-owned lender State Bank of India (SBI) has selected Ezetap Mobile Solutions to launch the largest mobile Point-of-Sale (mPOS) network in India.

State-owned financial services firm State Bank of India (SBI) has selected Ezetap Mobile Solutions to launch the largest mobile Point-of-Sale (mPOS) network in India.

Selected following a formal tender process, Ezetap will enable merchants to use their mobile devices to read any type of card and complete a financial transaction ranging from a credit card sale to a real-time bill payment, to an ATM cash withdrawal or deposit.

The Ezetap solution will comprise a secure card reader, a configurable mobile application, and a flexible platform that allows Ezetap to provide customized value-added services and integrate to a merchant’s existing systems.

With this partnership, SBI intends to deploy 500,000 POS terminals over the next five years to make the solution available to thecustomers of the bank and its associate banks in India.

State Bank of India deputy managing director SK Mishra said the mobile POS has the power to transform payments and commerce in India.

"MPOS can be deployed easily and at low cost in every corner of the country. In addition to building India’s largest merchant acceptance network, the SBI-Ezetap platform allows us to provide many value-added services for merchants and consumers from a single, secure POS device and application," added Mishra.

Earlier in 2013, Ezetap released the world’s lowest cost, fully certified chip, PIN, and magnetic stripe card reader, which can connect to a mobile device through Bluetooth, USB, or Audio.