Payments solution company Ezetap has acquired Fortune Pay, 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.
“We want to be a single payment solution for merchants, be it physical cards, UPI or mobile wallets. To do that, we need the infrastructure, which is why we decided to acquire Fortune Pay, which has a next-generation switching infrastructure for the mobile internet world,” said Ezetap CEO Abhijit Bose.
The switching infrastructure processes payments from swipe machines made with credit or debit cards. “This acquisition will help us work with more banks and give more value to merchants. If the switch of one of our partner banks is down, we can process the transactions using our 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 ac ceptance 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 Fortune Pay’s processing infrastructure to enable unified payments at scale and lower cost,” Murthy said.