I bet the last time you were out the streets swiping your card was a sweating task for you, sometimes the card was invalid or misplaced or one of the other reasons. If not, then try to get addicted with this app named EashMart, you will never have to worry about swiping your cards. EashMart allows customers to pay via their cards by simply tapping on their phones. With EashMart it’s now possible to make card payments for home delivery, takeaways, autos, cabs, and what not! As a vendor/service provider, you don’t need to get the swiping machines and teach your delivery boys how to use them.
Amit Kumar, one of the founders, completed his BTech from IIST. It was while at college when the problem of cards not being accepted for home deliveries struck him. His batch mates would often grumble about the dominos guys not accepting card payments. That was the moment when the founders thought to make a business out of it.
After having seen the young generation demanding cards at various locations and the growth of online shopping, the idea of EashMart came into being. In the near future the founders are also looking at making EashMart available in major radio cabs, autos; places where cash is a big hurdle. They are also looking at rewarding the customers for each transaction, and giving them more benefits of using cards.
The Business Model:
To put it simply, EashMart relies on transaction fee for revenue. The model is essentially geared towards giving merchants a friendly and detailed insight into their consumers and making it easy for them to “engage” with them. EashMart has been incubated at iAccelerator and here’s what Amit says about them:
The folks at iAccelerator have been very helpful to us. We got to talk to a lot of mentors who helped us with various strategies we could employ to get users and increase our customer base.
A heavy penetration in the geography is being done, says Amit. This way customers can avail the ease of use at most of their frequent outlets/services. After that, the neighbouring colonies shall be penetrated. This is a process that begins slow, but offers EashMart a very loyal user base.
EashMart is absolutely free for customers; however the merchants are charged a fee on every transaction. Though things got delayed with RBI’s legal moderations in 2013, they successfully managed to launch EashMart with a tiered model for the fee. It starts at 2.5% flat, and goes lower depending on the transaction volume of the vendor.
The major competition is from wireless swiping machines. EashMart solution allows offers card payments without buying or learning to use any new hardware. Customers get to keep their card data with themselves, merchants get to accept cards without buying machines. A few merchants we talked had to pull out card payments because teaching their delivery boys, how to use them was a headache. EashMart aims to solve problems on all ends.
TTP’s take on EashMart:
One thing is for sure, EashMart may finally be the answer to your payment woes. It certainly looks like a good option and we @ TheTechPanda think that it would revolutionize how transactions are done. Having the ease and mobility of cashless transactions at our fingertips sure seems to be a lot of fun. By being available on any internet enabled device, and offering the exact same experience across all platforms, EashMart founder Amit cleared the air between customers to provide the application and publicity of the app in play store. The app, available at the Playstore also seems very easy to use.
Although the opportunity is huge, certain things like getting credibility among the merchants and generating awareness among the general merchants are some hurdles to cross. TTP wishes EashMart the very best!