What Electronic Payment and Services does

Electronic Payment and Services (EPS) is a privately held Indian payment technology company founded in 2012 and headquartered in Mumbai. It provides banks and financial institutions with end-to-end payment infrastructure spanning ATM outsourcing and managed services, White Label ATMs (eps BANCS™) authorized by the Reserve Bank of India, electronic funds transfer switching (ep-TranZpro™), UPI and NPCI product switching, card management (ep-CardZ™), multi-channel payment reconciliation (ep-SettleZ™), and a white-labeled MSME digital banking platform (ep-BiZhub™). The portfolio is delivered on a microservices-based architecture benchmarked at 10,000 transactions per second with horizontal and vertical scalability, supporting ISO 8583, EMV, PCI-DSS v4.0.1, and PA-DSS compliant processing across Visa, Mastercard, and RuPay rails and NPCI products including IMPS, AePS, NETC, BBPS, and UPI 2.0 features (Autopay, UPI Lite, E-Rupi, UPI Global, ICCW). EPS serves all top 10 leading Indian banks through a sales-led enterprise GTM, multi-year contracts, and a franchisee-backed WLA distribution network, with revenue derived from managed-services fees for ATM operations, per-transaction switching fees, subscription or licensing for card management and the MSME platform, and platform fees for reconciliation.

EPS monetizes through four primary streams: ATM outsourcing and managed services for bank partners, transaction-fee-based payment switching across UPI/EFT/NPCI rails, subscription-style card management for prepaid and debit programs, and platform licensing for the MSME digital platform. The company goes to market via direct enterprise engagements with banks and through the eps BANCS™ franchisee network for White Label ATMs in rural and semi-urban India. Capitalization has been led by Aavishkaar Venture Capital (early 2012–2013 rounds totaling approximately $15M) and Apis Partners (2016 $25M round and an undisclosed 2018 round), with Aavishkaar's Anurag Agrawal and Shilpa Maheshwari and Apis co-founder Udayan Goyal serving on the board. The company has also announced a corporate amalgamation with EPS ATM (CISB) to consolidate ATM and WLA operations under a unified corporate structure, alongside PCI-DSS, PA-DSS, and EMV compliance certifications across its switching, reconciliation, and card management infrastructure.

Name

Electronic Payment and Services

Legal name

Electronic Payment and Services (P) Ltd.

Website

https://electronicpay.in

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

251–500 employees

Short description

Electronic Payment and Services (EPS) is a Mumbai-based payment technology provider that delivers ATM outsourcing, White Label ATM services, EFT/UPI/NPCI switching, card management, reconciliation, and an MSME digital banking platform to banks and financial institutions across India.

Ownership category

akta.pro rank

Product category

Payment Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

akta.pro primary industry

Integrated Payment Processors (PSP/Acquirer) (FSAMABAA)

akta.pro secondary industries

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Alternative Payment Methods (APMs) & Local Rails (ACH/SEPA/UPI, etc.) (CRAFALAG)

Keywords

• Payment switching services
• ATM outsourcing services
• Card management systems
• Payment reconciliation platforms
• White label ATM services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. ATM Outsourcing & Management Services: EPS manages ATMs for banks including deployment, operations, maintenance, and cash management. Revenue generated from service fees charged to bank partners for outsourced ATM operations.
2. Payment Switching Services: Transaction processing services for banks covering UPI, EFT, NPCI products switching. Revenue likely based on transaction volumes processed through the switching infrastructure.
3. White Label ATM Services: eps BANCS WLA operations deploying and managing White Label ATMs in underserved areas with franchisee network model.
4. MSME Digital Platform: White-labeled digital platform provided to banks for serving MSME customers. Revenue model not explicitly disclosed but likely platform licensing or transaction-based.
5. Card Management Services: Card management system services for banks managing prepaid and debit card programs including issuance, lifecycle management, and security.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

Electronic Payment and Services (EPS) is a payment technology and managed services company that provides payment infrastructure to banks and financial institutions across India. Its core offerings include ATM outsourcing and managed services, RBI-authorized White Label ATM (eps BANCS) operations, EFT/UPI/NPCI payment switching (ep-TranZpro), card lifecycle management (ep-CardZ), multi-mode payment reconciliation (ep-SettleZ), and a white-labeled MSME digital banking platform (ep-BiZhub).

Product overview

Electronic Payment and Services (EPS) operates as a payment technology service provider offering a comprehensive portfolio of payment solutions organized across three main verticals: ATM Solutions, Digital Payments, and MSME Digital Platform. The ATM Solutions vertical includes ATM Outsourcing Services, ATM Managed Services, EPS Star™, and eps BANCS™ (White Label ATM services). The Digital Payments vertical encompasses multiple interconnected switching and processing solutions including ep-CardZ™ (Card Management System), ep-TranZpro™ (EFT Switching Solution), NPCI Products Switching, UPI Switching Services, and ep-SettleZ™ (Payment Reconciliation). The MSME Digital Platform (ep-BiZhub™) serves as a white-labeled platform enabling banks to deliver banking and beyond-banking services to MSMEs. These products operate as standalone solutions that can integrate with each other and with banks' existing core banking systems to provide end-to-end payment infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• eps BANCS™: White Label ATM Services brand providing ATM services in underserved areas under the Bharat ATM Network & Customer Services initiative
• ep-SettleZ
• ep-CardZ
• ep-TranZpro
• ep-BiZhub

Products and services

• ATM Outsourcing Services End-to-end ATM outsourcing services in which EPS deploys and manages the full ATM infrastructure lifecycle for banks and financial institutions.
• ATM Managed Services Comprehensive ATM management services covering monitoring, maintenance, and operational support for self-service banking terminals.
• EPS Star™ ATM services offering within EPS's portfolio for managing and operating automated teller machines.
• eps BANCS™ (White Label ATM Services) RBI-authorized White Label ATM (WLA) services providing cash withdrawal, balance enquiry, mini statement, PIN change, and value-added services such as cheque book request, statement request, Aadhaar seeding, and card-to-card transfer in rural and semi-urban India.
• ep-CardZ™ Card Management System Comprehensive prepaid and debit card management platform for banks offering card issuance, lifecycle management, multi-network support (RuPay, VISA, Mastercard), integration with delivery channels, secure card and PIN generation, and advanced reporting.
• ep-TranZpro™ EFT Switching Solution Electronic Funds Transfer (EFT) switching solution for banks providing real-time transaction processing, terminal driving for ATM/POS/Micro-ATM, multi-network support (Visa, Mastercard, RuPay), adaptive routing, scalable architecture, and security compliance including EMV standards and HSM integration.
• NPCI Products Switching Switching services for NPCI products including IMPS, AePS, NETC, and BBPS, providing reliable and scalable platforms for transaction routing from various channels, integration with existing banking systems, and robust reporting and monitoring.
• UPI Switching Services Comprehensive UPI switching solution supporting customer and merchant onboarding, push and pull payment transactions, mobile app SDK integration, and UPI 2.0 features including Autopay, UPI Lite, E-Rupi, UPI Global, and ICCW.
• ep-SettleZ™ Payment Reconciliation Payment reconciliation solution supporting all payment modes (ATM, UPI, IMPS, BBPS, NEFT, RTGS, NACH, AEPS, debit and credit cards, e-wallets) with multi-file reconciliation, dynamic dashboards, exception handling, dispute management, automated force match, and API integration capabilities.
• ep-BiZhub™ MSME Digital Platform White-labeled MSME digital platform for banks and financial institutions enabling banking and beyond-banking services to MSMEs, including banking system integration, digital store management, alternative credit solutions, e-invoicing and AR/AP processing, ONDC connectivity, payroll and expense management, and tax filing services.

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability2 records

Feature7 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Reserve Bank of India (RBI)coreOthersEPS operates as one of the select non-bank entities authorized by RBI to establish White Label ATMs (WLAs) nationwide. This regulatory authorization is fundamental to EPS's WLA business operations.
• NPCI (National Payments Corporation of India)coreTechnology or IntegrationEPS provides switching services for NPCI products including IMPS, AePS, NETC, BBPS. The company integrates with NPCI's payment infrastructure to process transactions across these channels.
• Sponsor BankscoreStrategic or Co-development PartnerPartner banks manage cash provisioning and settlement for White Label ATMs. This sponsor bank model enables WLA operations in underserved areas without EPS directly handling cash logistics.
• NGOs (Rotary Club of Powai Charitable Trust, Roti Foundation)minorOthersEPS partners with qualified NGOs for CSR implementation, including education initiatives, hunger alleviation programs, financial literacy training, and supporting special needs education.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• AGS Transact Technologies: AGS Transact Technologies is an Indian payment services and ATM management company providing payment processing, ATM outsourcing, and cash management to banks across India — directly comparable to EPS in ATM and payment switching services for Indian banks.
• Vakrangee: Vakrangee operates one of India's largest White Label ATM networks and offers banking, financial inclusion, and digital services — directly comparable to EPS's eps BANCS WLA business and overall payment infrastructure for underserved India.
• PayNearby: PayNearby operates White Label ATMs and offers a fintech platform for last-mile banking and digital services across rural and semi-urban India — overlapping with EPS's WLA franchisee model and financial inclusion focus.

Broad incumbents

• ACI Worldwide: ACI Worldwide is a global provider of real-time electronic payment and banking software — comparable to EPS in payments switching infrastructure, though ACI serves a global client base with broader product breadth across multiple verticals.
• FIS (Fidelity National Information Services): FIS is a global financial technology provider offering payment processing, core banking, and capital markets solutions — broadly comparable to EPS in payment processing infrastructure for banks, though FIS operates at significantly larger scale globally.
• NCR Atleos: NCR Atleos is a global ATM and self-service banking services provider — directly comparable to EPS's ATM outsourcing and managed services business, with broader geographic footprint and ATM hardware manufacturing capabilities.
• Euronet Worldwide: Euronet Worldwide operates one of the largest independent ATM networks and provides global payment processing services — comparable to EPS in ATM and payment services, though Euronet operates globally with much larger scale and broader product breadth.
• Diebold Nixdorf: Diebold Nixdorf is a global provider of ATM hardware, software, and managed services for banks — comparable to EPS in ATM managed services, with broader hardware manufacturing capabilities and global operations across multiple banking markets.

Emerging players

• Mswipe: Mswipe is an Indian POS and digital payment solutions provider serving merchants and small businesses — comparable to EPS in payment services for the Indian market, though Mswipe focuses on merchant POS rather than bank-side payment infrastructure.
• Pine Labs: Pine Labs is an Indian merchant commerce and payment platform serving large enterprise retailers and brands — comparable to EPS as an Indian payment platform, though Pine Labs focuses on merchant POS and loyalty rather than bank payment infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/electronic-payment-and-services-p-ltd-www-electronicpay-in
• Facebookfacebook.com/Electronic-Payment-and-Services-Pv

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Electronic Payment and Services