News

Prizm Payments on pace to process over $50B in transactions in 2012

July 17, 2012

Mumbai, India-based payments company Prizm Payments announced today that it has become the fastest growing payments company in Asia and expects to reach a major milestone this year, processing more than $50 billion in financial transactions.

The expected total for 2012 represents a 43 percent increase over 2011, when the company processed $35 billion in transactions, just three years after its startup with funding led by Sequoia Capital. The company is also backed by Mumbai-based Axis Bank and Santa Clara, Calif.-headquartered Silicon Valley Bank.

In the same announcement, Prizm also touted other recent achievements:

• The company now powers 30,000 POS devices across India.
• Prizm is now the number-one ATM deployer in India, with more than 10,000 ATMs under management.
• The company is currently working toward convergence of ATM and mobile phones to allow money transfers from and between customer accounts using mobile devices.

"It's our vision to power financial transactions from the streets to retailers, to mobile carriers and beyond," says Loney Antony, cofounder and managing director of Prizm Payments. "It's an exciting time, as literally every facet of the transactions market is exploding in India - and we plan to be part of its growth at every corner."

For more on this topic, visit the transaction processing research center.