M1 launches mPOS cashless payment service
By Digital News Asia June 23, 2015
- Aimed at push-cart vendors, cafés and small businesses … even startups
- Allows card payment to be accepted anywhere with wireless Internet connection
SINGAPORE telco M1 Ltd, in collaboration with CIMB, MasterCard and Wirecard, has launched a mobile point of sale (mPOS) solution, which it said transforms smartphones and tablets into terminals that allow merchants to accept credit, debit and prepaid card payments from customers anytime, anywhere.
The M1 mPOS solution is designed to meet the needs of traditionally cash-based small businesses, startups, and ‘on-the-go’ enterprises such as push-cart vendors and small cafés, to allow them to offer their customers the convenience of card payment, M1 said in a statement.
The introduction of the M1 mPOS solution will offer merchants the benefit of a simple, safe and secure payment experience for their customers, without the need to purchase, set up, and maintain a traditional POS terminal, M1 claimed.
Startups and businesses on-the-move will especially benefit from the mobility of the mPOS solution, which allows payment to be accepted anywhere with a wireless Internet connection.
In addition, the M1 mPOS solution allows the merchant to easily track and view all transactions through the mobile app and web portal, making monthly sales reconciliation simple, the telco said.
Receipts are also generated electronically and can be emailed to the customer to reduce the business’ carbon footprint, it added.
The M1 mPOS solution, tied to a M1 data-bundled mobile plan, is chargeable at $5.35 per month (inclusive of GST), and merchants will receive a free card reader to enable them to start accepting card payments immediately.
There is no minimum monthly transaction commitment or deposit required.
“We want to bring the benefit of card payments historically enjoyed by larger retailers to Singapore’s smaller, but no less enterprising, merchants and service providers,” said Willis Sim, M1 chief product development and corporate solutions officer.
“Thus we worked with our partners CIMB, MasterCard, and Wirecard, to develop the … plug-and-play mPOS solution, the most convenient and cost-effective way for lean and mobile retailers such as pop-up stalls, speciality retailers, buskers, and personal trainers, to accept card payment anytime, anywhere,” he added.
Singapore has seen close to 12,000 sole proprietorships registered since April 2014, M1 said. Globally, mPOS solutions have grown in popularity over the past few years as the benefits of electronic payments have become more apparent.
A May 2013 report from Timetric forecasts that by 2017, the adoption of mPOS terminals over standard POS terminals globally will be 46%, as opposed to the 17% that was seen in 2012.
Over the forecast period of 2011 to 2017, mPOS terminal adoption worldwide is expected to increase from 4.5 million to a staggering 38 million by 2017, with a forecast CAGR (compound annual growth rate) of 42.7%, largely driven by growth in the retail sector, increased online trade, and more smartphone and card users, M1 said.
“Singapore is a mature market for electronic payments and people here recognise the benefits of going cashless, such as convenience and security,” said Deborah Heng, group head and general manager of MasterCard Singapore.
“MasterCard is pleased to be one of the partners to launch the M1 mPOS solution, which will further advance electronic payments in Singapore and enable micro merchants to accept card payments issued by global networks, anywhere and anytime,” she added.
How it works
The M1 mPOS solution comprises a physical card-reader or ‘dongle’ that can be connected to any compatible Android smartphone or tablet, transforming it into a mobile point-of-sale (POS) system to accept card payment.
For the device to work, users must register for the M1 mPOS solution online, have a valid M1 data-bundled mobile plan, and download the mobile app from Google Play.
The detachable mPOS device can decrypt information from both the card’s EMV chip and magnetic stripe, so visitors holding foreign-issued cards without EMV chips will also be able to pay using the M1 mPOS device, M1 said.
To verify the transaction, the smartphone screen then turns into a signature pad for customers to electronically sign for their purchase. Once the sale is complete, an electronic receipt is generated immediately for the customer, which can be sent via email.
M1 mPOS is expected to be available for iOS devices soon.
“mPOS is complementing the current point-of-sale ecosystem. With our long-term experience and high market coverage in Singapore’s POS terminal business, we are now extending our offering with innovative mobile point-of-sale technology,” said Wirecard Singapore managing director Jeffry Ho.
For more details and to sign up on the M1 mPOS solution, visit www.m1.com.sg/mPOS.
Soft Space levels up, out to transform entire payment landscape
Indonesia’s Bank Mandiri and goSwiff launch mPOS service
Philippines bank to turn phones, tablets into mPOS terminals
For more technology news and the latest updates, follow us on Twitter, LinkedIn or Like us on Facebook.
Author Name :
By commenting below, you agree to abide by our ground rules.