Frictionfree Payment Solutions (FPS), which has launched the app PayTonic to facilitate cashless transactions, today said it is looking at raising around Rs 50 crore to fund its growth plans.
"We are looking at raising Rs 50 crore to fund our growth plans. We are in talks with VCs and social impact funds to raise the funds," FPS Chief Executive M Maccarim told reporters here.
PayTonic, unveiled in Mumbai, enables the lowest rung vendors to accept electronic payments even without a smartphone.
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"We are now looking at launching this product in 20 more Tier I and II cities across the country in the next two months period," Maccarim said.
PayTonic is an open payment network which allows payment to any mobile number in India. It enables transfers using credit cards, debit cards, net banking, mobile wallets & UPI straight to the receiver's bank account.
This helps ease security-related anxiety as money is always in the bank and not in a third party wallet. PayTonic is currently being adopted by people from various sections like roadside vendors, retailers, milkmen, newspaper vendors, cable operators, house maids and drivers, among others.
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