First Data, which is an electronic payment solutions provider, launched a mobile payment solution (mPOS) for merchants on Thursday, 17th July.
Through this solution, the merchants will be easily able to turn their Smartphones or tablets into a mobile point of sale (POS) device by using a compact pin enabled card reader device and a user engaging mobile app. First Data will be bringing this service soon to metros like Chandigarh, Delhi, Kolkata, Chennai and Hyderabad.
According to Nitish Asthana, general manager, First Data, using this solution the merchants will be able to accept card payments from their customers anywhere such as at their offices or homes.
He further also added that merchants nowadays are constantly looking for reliable and simple solutions to grow their businesses with their customers. mPOS solution provides just that to merchants. It is a cost effective solution for converting on the go cash payments to electronic and for small merchants to start accepting payments through cards.
The card reader has an LCD display and can be easily connected to Smartphones via Bluetooth. The card also has a pin pad for pin entry.
The card reader will be able to accept variety of card payments which include all kinds of chip and magnetic strips cards. It is also fully compliant with EMV, PCI and RBI standards.
The company initially plans to target small retailers, enterprise merchants and large retailers.
The company hopes that by catering to multiple avenues such as retailer, home delivery, radio taxis, small kirana shops, e-tailers, ticketing, theaters, hotels and restaurants, its product will be able to capture a large share of mPOS market in India.
According to the data available, there are about 418 million credit, debit cards users as on April 2014 and as against this there are only one million POS terminals.
The mPOS solution will make the merchants available with all the services through one single window rather than having them to communicate with multiple providers.
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