MobiSwipe had received an undisclosed amount of seed funding from Vijay Shekhar Sharma‘s One97 Communications.
UAE-based payments solution provider OMA Emirates announced the acquisition of India’s MobiSwipe Technologies. The company provides mPOS solution through a mobile application that enables merchants to accept credit and debit card payments.
The investment will spread OMA Emirates’ overall services and solutions portfolio in the Middle East, Eastern Europe and the APAC regions.
Founded in 2011 by Harmeet Singh and Suresh Santhanaramakrishnan, MobiSwipe had received an undisclosed amount of seed funding from Vijay Shekhar Sharma’s One97 Communications.
Speaking about the acquisition, MobiSwipe’s Suresh Santhanaramakrishnan said “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.”
Niranj Sangal of 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. 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.”
“The addition of the MobiSwipe solution will also help greater number of small and home businesses to fill the gap of being able to accept card payments especially in an economy that is striving to become a cashless one. In line with our other solutions, the new mobile payment solution withstands the security parameters and we are confident that it will gain momentum in acceptance and usage,” he added.
The mPOS solution has been gaining popularity with the increasing search and use of more flexible payment solutions. MobiSwipe is PCI-DSS and PA-DSS compliant and process payments on the go via the pocket-sized card reader connected to the MobiSwipe app via Bluetooth.
The customer’s card is swiped and is followed by the authentication of the transaction on the customer’s PIN inputs. Receipts are sent to the client via email and SMS which creates a more cost effective and environmental friendly option. The MobiSwipe card reader is compatible with Swipe and Chip cards.
Founded in 2010, Oma Emirates caters to most banks in the ME and is now extending its operations.