City-based payments firm Bijlipay will launch its payment gateway for e-commerce and near-field communication payment systems next year.
The firm has raised $12 million from Singapore-based investors. The proceeds would be used for its end-to-end payments foray.
Launched in July, it has presence in the mobile point of sale (mPOS) segment with over 1,000 clients, including Indian Overseas Bank and Fast Track Call Taxi.
“MPOS is just an entry. E-commerce and near-field communication would be the next big bets for us in India,” Bijlipay Founder and CEO Pavan Kachibhatla said. Bijlipay has a tie up with Spire Payments of the U.K. for its mPOS program. It also has licensed technology from Wirecard, an European payments processing firm for e-commerce payment gateway and near-field communication. “An international standard payment gateway is required for the Indian market and the time is right for us to launch one,” Mr. Kachibhatla said.
With Wirecard’s help, the firm is looking to launch mobile payment product that uses near-field communication, through what is called Host Card Emulation, which means presentation of a virtual and exact representation of a smart card using only software.
“With the exciting developments around Host Card Emulation (HCE), we will be in a position to launch our mobile payments product that uses near-field communication. Wirecard has recently integrated the HCE into its mobile wallet platform, which we can use in India,” Mr. Pavan Kachibhatla said.
