Mumbai, 2018: Fino Paytech, the payments technology company and promoter of Fino Payments Bank, today announced that it has invested in CityCash (Tap Smart Data Information Services Private Limited), a Mumbai-based fintech start-up, for an undisclosed stake.
The investment is in line with Fino’s strategy of providing banking and payments solutions to emerging India.
The two companies have joined hands to design an ecosystem for payments wherein Fino will be the issuance and settlement institution of the prepaid payment instrument and CityCash will offer its NFC-based cashless payments technology and micro-payment merchant acquisition.
India’s public transport system of 150000 buses carries over 70 million commuters every day, clocking an annual turnover of about INR 50000 crores, of which 95% transactions happen in cash.
There is a massive opportunity to digitise 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 partnership with Fino shall bring the most extensive network of BC agents across the country to enable physical card issuance and on-going service of the customers. Some large state and city bus corporations have shown tremendous interest in the Fino and CityCash payment solution and implementation is at advanced stages.
As a part of its digital strategy to engage with customers, Fino has already launched a suite of products such as RuPay debit cards, mobile banking app BPay, UPI, Net banking and FasTag for toll payments.
These products along with NFC based tap and pay solutions would allow Fino to reach out and facilitate digital payments for a wider segment in line with Digital India initiative of the Government.