MobiSwipe to deploy over 50,000 mPoS devices within next nine months

In line with the government's vision of Digital India and complemented with the RBI's policies advocating non-cash transactions, MobiSwipe today announces that it will be deploying over 50,000 mPoS devices within the next three quarters of 2017.

The mPoS solution enables merchants to accept payments through Swipe and Chip debit and credit cards on the go via a smartphone or tablet loaded with the MobiSwipe app connected to the pocket sized card reader.

While metros and Tier I cities have been steadily moving towards transacting minus cash, MobiSwipe is focused on Tier II, Tier III and other smaller cities that are yet getting familiar with the concept.

With nearly 1000 terminals already in operation, the company's next target is the retail and e-commerce sector followed by financial institutions, banks, etc.

"We see India as a huge opportunity for growth. We are strong advocators for digital payments. Demonetization was a learning curve for all to understand how payments worked and urged consumers to look beyond cash payments. Avenues have been opened for non-cash payments and today, there is more than just a handful of solutions available be it wallets, PoS, mPoS, internet banking, or Government initiatives like UPI and BHIM," said Group CEO OMA Emirates Group, Niranj Sangal.

"We have already received a demand for around 20,000+ MobiSwipe mPoS devices over the last few months of commencing operations and are hopeful of supplying these within the following two months. Simultaneously, there is a demand for PoS devices as well, indicating that India is ready and has progressed to accept non-cash payments as a better alternative. We aim to set up at least 1,00,000 of our PoS terminals by year end," added Sangal.

He further added, "A section of merchants have already progressed to using mPoS devices from regular PoS due to convenience, cost and mobility. In smaller cities we understand that there is lack of knowledge about operations and costs. We are hoping to bring about a change in this outlook and are attempting to reduce the costs associated with such transactions while simplifying operations and processes making it a favorable choice for all. We attempt to create an eco-system where merchants can benefit and all parties are able to profit from the system."

The sign up procedure for MobiSwipe is simple and requires a merchant to submit KYC and the merchant agreement form. After the necessary documentation, mPoS is handed over to the merchant. A merchant can link his existing current account with MobiSwipe and does not need to open a new account as a part of the on-boarding process.

Real-time transactions are enabled and funds get transferred to the merchants account on a daily basis. MobiSwipe is available at a highly competitive price point with flexible payment options. It comes along with an Ingenico mPoS device which is PCI-DSS and PA-DSS Certified and is MasterCard preferred mPOS and Visa Ready Partner. MobiSwipe promotes paperless transactions, is a cost-effective solution as compared to PoS and is accessible via most Android smartphones. The custom web portal allows merchants to keep a record of the history, reports and other tools.

MobiSwipe is a part of the solutions offered by OMA Emirates and is currently being used by merchants across metros like Mumbai, Pune, Bengaluru, Chennai as well as other cities like Coimbatore, Cuddapah, Sriviliputhur etc.