Fino Paytech, the payment technology company and also the promoter of the Fino Payments Bank today has revealed that they have invested in CityCash, which is a Mumbai based startup for an undisclosed amount of stake.
The investment is in line with the Fino strategy of providing up with the payments and banking solutions to the emerging markets of India.
Both the company have also joined the hands to build up an ecosystem for the payments wherein Fino will be the settlement and issuance institution of the prepaid payment structure and the CityCash will also be going to offer its NFC based cashless payments technology and micro payment merchant acquisition.
India public transport system of the 150000 buses carriers have the commuters of more than 70 million people every day, which clocks to an annual turnover of about the Rs 50000 crores of which 95% transaction will be in cash only.
There is a massive opportunity to digitize this sector using low-cost NFC based TAP and PAY solution on the lines of highly successful Oyster card of London and Octopus card of Hong Kong. Customers can similarly use Fino and CityCash co-branded card for all retail micro-payments apart from other transport payments such as for auto and cabs.
The partnerships and collaboration with the Fino will also bring up with the most extensive networks of the agents across the entire country to enable the physical card issuance and with the ongoing services of the customers. Some large state and the country bus corporations have also shown some of the tremendous interest in the CityCash and Fino payment solutions and the implementation is at the advanced stages.
As a part of its digital technology strategy to engage with the customers. Fino has already launched up a suite of products such as the mobile banking app BPay UPI, Net Banking and Fastag to toll payments. These products along with the NFC based pay and tap solutions would also allow the Fino to reach out and facilitate the digital payments for a wider range in line with the Government Digitial India Initiative.