A Mumbai-based startup called ftcash is helping small businesses in India move beyond cash. In some cases, it’s also providing loans to fund their operations.

Co-founder Vaibhav Lodha, who demonstrated ftcash on-stage today at TechCrunch’s Startup Battlefield, said he first got the idea from his newspaper vendor, who complained that none of his customers seemed to have the cash at home to pay him. The issue was serious enough to create a cashflow problem for the vendor, prompting him to consider going to a loan shark.

So ftcash allows any merchant with a feature phone and a bank account to accept a variety of cashless payments — including credit cards, debit cards, mobile wallets and PayPal — after just a few minutes of setup.

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