Fino Paytech, the promoter of Fino Payments Bank, announced that it has invested in Mumbai-based CityCash, backed by Tap Smart Data Information Service.
The financial detail of the deal, however, is not disclosed by the company.
The investment is made in alignment with Fino’s strategy of offering banking and payments solutions to emerging India, said the company’s official communiqué.
According to the announcement, both the companies will be designing an ecosystem, wherein Fino will be the issuance and settlement institution of the prepaid payment instrument.
On the other hand, start-up CityCash will be offering NFC-based (near field communication) cashless payments technology and micro-payment merchant acquisition, said the communiqué.
Showcasing the significance of low-cost NFC-based payment solutions, Fino said that the customers can use Fino and CityCash co-branded card for performing retail micro-payments, apart from other transport payments such as for auto and cabs.