Payments solution company Ezetap has acquired FortunePay, a Bengaluru-based startup that offers payment switching infrastructure to banks, which will help Ezetap further expand its payments technology.
This is Ezetap’s second acquisition, and the company said it will scout for more acquisitions as it looks to cover the entire gamut of payments.
The aim is to create a single payment solution for merchants, be it physical cards, UPI or mobile wallets. To do this , Ezetap needs infrastructure, which is why they decided to acquire FortunePay, which has a next-generation switching infrastructure for the mobile internet world.
The switching infrastructure processes payments from swipe machines made with credit or debit cards. This acquisition will help in working with more banks and give more value to merchants. If the switch of one of their partner banks is down, one can process the transactions using their switch and minimise the downtime for merchants.
Ezetap had acquired loyalty platform Clinknow in 2014. Apart from offering PoS devices and solutions, Ezetap has also integrated UPI and a universal wallet acceptance solution.
FortunePay was founded by entrepreneurs Manju Murthy and P Shashidhar in 2011. The acquisition brings together Ezetap’s differentiated mPoS offering and enterprise integration with FortunePay’s processing infrastructure to enable unified payments at scale and lower cost.