Mobileware Technology to Represent Kvanto for India’s Digital Transaction Market Forecasted to Be 165 Trillion USD Annually By 20241
TORONTO--(BUSINESS WIRE)--Kvanto Payment Services AS (“Kvanto”) is pleased to announce the signing of a Letter of Intent with Mobileware Technology Pvt. Ltd. (“MWT”) to represent and advance Kvanto into the rapidly growing digital payment processing market in India.
Building on Kvanto’s success with its proven state-of-the-art platform with coverage that reaches over 400 banks worldwide, the partnership's combined technology is now in the final stages of becoming operational in India with the Aditya Birla Group’s Bank, Aditya Birla Capital Limited, Kotak Bank, and YES Bank. Solely, Aditya Birla is expected to generate approximately 250 million transactions annually growing to 400 million transaction annually in 2023.
“In order to support the requirements of doing this business in India as well as providing the Kvanto payment platform for other Banks in India, Kvanto selected MWT as the right partner to work with,” said Kvanto’s CEO, Jesper Skorstengaard, who further commented, ”MWT brings extensive experience and credibility to this market place which should accelerate our market access.”
The LOI outlines the terms of the JV Partnership with a focus on the ongoing testing plan to bring the proof of concept live as soon as possible followed by a roll-out strategy to the rest of the market in India.
Kvanto and MWT bring synergies that offer the potential to become a major player in the digital payment space. The initial business case is to provide the platform for the three banks listed above. More details of this initiative will be announced once the final commercial agreement has been finalized.
1According to Statista, the digital payment market in India is estimated to reach a transaction volume of approximately 165 trillion USD annually.
About Mobileware Technology:
Mobileware Technologies established in 2010, is known for its cost-effective stable technology platform and providing globally talented back-end operations. The Company has been successfully operating in the ‘Mobile Banking’ domain since 2013. Mobileware is fully compliant and each product is secure in every new digital channel introduced by National Payment Corporation of India.
In 2018, Mobileware introduced TransXT – a open Banking API platform to take banking to the next billion users with the aim to enable banks to avoid the costs, delays and frustration of recurrent integrations of their systems with those of new digital businesses.
About Kvanto Payment Services:
Kvanto is a Payment Solutions Provider company started in 2012 that has developed a platform which can adapt to the changes in the digital payment processing markets and solve the demands that are put on the technology suppliers in terms of flexibility and customization while doing it with an economically attractive business model.
To support Kvanto’s growth and transparency to the marketplace, Kvanto has entered into Financial Services Agreements with Listing Partners S.à.r.l and Antevorta Capital Partners Ltd., for growth capital and assisting Kvanto with the listing of their shares on the Canadian Securities Exchange.
Disclaimer
All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Kvanto Payment Services A/S is under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts
Kvanto Payment Services A/S
CEO, Jesper V. Skorstengaard
Phone: +45 4033 3396
Mail: [email protected]
www.kvanto.com
Mobileware Technologies Pvt. Ltd.
CEO, Satyajit Kanekar
Mail: [email protected]
mobilewaretech.com
For Investor Information Contact:
LISTING PARTNERS S.à.r.l
[email protected]
