First Data launches mPOS solution for merchants

Electronic payment solutions provider First Data today launched a mobile payment solution (mPOS) for merchants.
The solution will allow merchants to turn their smart phone or tablet into a mobile point of sale (POS) device through a compact pin enabled card reader device and a user friendly mobile application.
The company's general manager Nitish Asthana told reporters that with this solution merchants can accept card payment from the customers anywhere such as at their home or office place.
The card reader can be connected to the smartphone through bluetooth. It also has an LCD display and pin pad for pin entry.

The card reader will accept variety of card payments, including all kinds of chip and magnetic stripe cards and is fully compliant with RBI, EMV and PCI standards.
"Merchants today are looking for a simple and reliable solution to enable them to grow their business with customers. We are confident that our mPOS solution provides a cost- effective solution for converting on-the-go cash payments to electronic and for small merchants to start accepting cards," Asthana said.

The company will initially target large retailers, enterprise merchants and small retailers.
"By catering to multiple avenues such as home delivery, retailer and e-tailers, radio taxis, ticketing, small kirana shops, hotels and restaurants, theatres, we expect this product to capture a significant share of the mPOS market in the country," Asthana said.

There are about 418 million credit, debit cards as on April 2014, as against this there are only about 1 million POS terminals.
Asthana further said this mPOS solution will provide all services to merchants through a single window rather than them having to interact with multiple providers, he added.
The company plans to launch this mPOS solution to metros like Delhi, Hyderabad, Chennai, Mumbai, Kolkata and Chandigarh.