IndePay Networks plans to invest USD 30-40 mln over next 2 yrs

Payment network provider, IndePay Networks today said it would be investing USD 30-40 million to strengthen its technology in the country over the next two years.
Indepay builds networks to handle the new age fintech innovations in alignment with the existing payment networks.
"We plan to invest USD 30-40 million in the country for further strengthening of technology and distribution network," the company's president and chief executive Rajib Saha said.
In the last three years, the company has invested nearly USD 8 million, he said.
"There is a pressing need for an equitable pricing payment network for developing economies like India. Our aim is to reduce the cost of transactions for the retailers, customers and merchant partners in the country," Saha said.

The company is also in the process of launching prepaid cards in the country, which will focus on the grass-root level, Saha said.
It is talks with some of the public sector and private sector banks to launch a co-branded prepaid cards, he added.