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50 hot startups 2017

Fino Paytech invests in CityCash

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Fino will be using its extensive business correspondents’ network to issue these cards and have already spoken with few state and city corporations who have shown interest in the project.
BENGALURU: Fino Paytech, the payments technology company and promoter of Fino Payments Bank has invested an undisclosed sum in a Mumbai based fintech startup CityCash, mainly to bring in Near Field communication enabled cashless payments.

Through the partnership Fino will attempt to digitise public transport payment for consumers taking the bus, auto or cabs in the country.

Throwing light on the market opportunity, the company said that there are 1,50,000 buses which carry over 70 million commuters everyday with an annual turnover of Rs 50,000 crore of which 95% happen in cash.

With the tap and pay card based solution commuters can convert cash payments into digital.

Fino will be using its extensive business correspondents’ network to issue these cards and have already spoken with few state and city corporations who have shown interest in the project.
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