India?s Prizm Payments On Track To Hit $50B In Transactions, Plans Square-Style Service For Feature Phones

One of the more innovative moves in mobile commerce has been the rise of services like Square, PayPal?s Here, iZettle, Payleven, and mPowa, which are based around using a dongle to turn a smartphone into a payment processor. Now Prizm Payments, an India-based payments company, is eyeing up how to bring that concept to its home market's 670 million+ mobile subscribers, by offering a similar service that will work not just with smartphones, but with the feature phones as well. A limited rollout of its service, covering about 200 merchants, is expected to begin this month, with a wider-scale deployment coming down the road. The move comes at the same time that Prizm, which counts Sequoia Capital India as one of its main investors (others include?Axis Bank and Silicon Valley Bank), has hit other milestones the point to a rising use of non-cash payments in the country: Prizm is on track to process $50 billion in transactions this year, up from $35 billion last year; and it now has 30,000 point of sale processing devices and 10,000 ATMs in the country.

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