and posted in Technology

CashFree, a payments and banking solutions company, announced that it has invested $15 million in Teller, which provides electronic payment services in the United Arab Emirates and Saudi Arabia.

With this investment, CashFree, which specializes in payment solutions in India with a market share of more than 50%, has become a major investor in Teller, which was established in 2014 and is headquartered in Dubai.

The two companies intend to launch joint services in the Middle East and North Africa, based on Teller’s knowledge of the region’s markets and payments infrastructure. They also aim to develop a unified payment platform to help merchants in India accept payments from customers in the region, and vice versa. The electronic payments market in India exceeds $20 billion annually.

The Teller platform allows payments to be accepted in more than 120 currencies, and is available in more than 30 languages. Through a single linking process, it gives its customers access to a range of payment methods, including “Visa”, “MasterCard”, “American Express”, “Union Pay”, “Apple Pay”, “Paypal”, “SADAD”, “Mada”, and STC Bay.

Teller also offers a range of financial and commercial services, including social media commerce, QR codes, digital invoicing, and Teller Buy Now Pay Later. It provides an e-commerce platform “Tiller Shops” that allows merchants to build their own virtual stores to provide their products online.