Mumbai, Feb. 26: UAE-based OMA Emirates plans to ramp up its investment and expand its product offerings in India. The company has entered India by acquiring MobiSwipe.
Earlier this month, OMA Emirates had announced the acquisition of MobiSwipe Technologies, a mobile payment solutions company.
MobiSwipe allows merchants to accept payments via credit and debit card by using the mobile device which gets connected to a pocket sized card reader. Oma's entry comes at a time cashless transactions have surged after demonetisation. The demand for such transactions had peaked in December.
OMA, the West Asian payment solutions provider, is looking to tap this potential for digital deals by offering more products and services, Niranj Sangal, group CEO, OMA Emirates Group, told The Telegraph.
With its foray via MobiSwipe, the company is now looking to expand in the metros and smaller cities along with rural markets to develop an all-India presence.
Over the next one year, the plan is to have at least 16 offices in the country. At present, there are over 1,000 mobile point of sale terminals of MobiSwipe in the country. Sangal said this is expected to rise to 50,000 during the next one year.
In line with its plan to further improve the service offering, OMA will to introduce near-field communication enabled terminals and bring biometric devices which can be deployed in the rural markets. The device will enable individuals to get cash by a card swipe.
While the device is now being tested, Sangal hinted that four banks are close to implementing its solutions.
"We will not only offer our services, but manage it for the bank as well. With our products like the biometric, we feel that we have a game-changer on our hands,'' he said.
"India has always been a country of our interest in terms of investments with its diverse markets and the scope for business they present. Our entry into India has been well planned and is a significant venture that will help us build on our portfolio... We will continue with our investments to expand our base further,'' he said.
OMA Emirates is also looking to offer its services to the retail and insurance industry in India.