One97 invests in MobiSwipe

One97 invests in MobiSwipe

One97 Mobility Fund that invests in early-stage start-ups in mobility space has funded in MobiSwipe, a Mumbai based start-up that facilitates finacial transaction using smart devices like phones and tablets.

The company has invested less thatn one million dollar in Mobiswipe.

MobiSwipe allows merchants to use Android mobile phones or tablets as Point of Sale (PoS) terminals with the capability to accept credit and debit card payments. MobiSwipe's offering will help address the issue of limited availability of PoS terminals at various merchants. The company can convert any android based smartphone into a PoS terminal by installing its application.

"In India, 90 percent of commercial transactions are done in cash, which needs to change and I believe mobile phones are the catalyst to achieving a cash-free payment environment. MobiSwipe's service is critical to the Indian payment eco-system to allow as many merchants to accept digital-mobile payments. MobiSwipe uses a simple Android device and gives great power to the common merchant," said Vijay Shekhar sharma, Founder One97.

One97 Mobility Fund, with an current investment threshold of $100 million, has so far invested in more than 10 start ups.