BEAM, a Delhi-based cashless mobile financial transaction services provider, on Friday forayed into the Hyderabad market, with plans to expand its presence to all the districts of Andhra Pradesh by March 2012.
“We have already roped in 10 distributors and 550 channel partners (franchisees) in Hyderabad. Our idea is to cover the entire state with a network of 10,000 merchants in the next six months, and garner revenues of between Rs 18 crore and Rs 20 crore from the state by the end of the this financial year,” Ajay Kumar, senior vice-president (sales and marketing), BEAM, told mediapersons here.
BEAM, which launched its mobile payment services in December 2009, after receiving the certificate of authorisation from the Reserve Bank of India, currently has 15,000 merchants in its network and over a 7-million customer base pan-India.