Private lender ICICI Bank is planning to invest in biometric payments startup Tapits Technologies. The bank is reportedly investing Rs 99 lakh for acquiring less than 10 per cent holding in the startup company.
Tapits Technologies is an early stage startup that accepts digital payments via Aadhaar biometrics.
“Tapits assists the merchants in accepting digital payments from customers through biometric authentication using Aadhaar enabled payment system,” said an official communiqué from the bank.
The transaction meant for buying for the startup firm that began its operations in April 2016, is expected to be completed by the end of February 2018.
According to the bank’s website it owns a disrutive point of sale device, FingPay, that can make “card-less, cashless and mobile-less” payments.