Monitise is tapping into the growing interest for mobile point of sale (mPOS) services with the launch of a white-labelled mobile payment service that helps banks, mobile operators and acquirers offer their business customers the ability to accept card payments on a mobile device and layer on a robust and scalable array of services enabling merchants to manage money on the move from one secure solution.
Deployed as a standalone solution or integrated into existing mobile services, Monitise mPOS is a complete mobile payment solution for businesses of all sizes. It can be integrated into existing Monitise services, including the world’s most used mobile banking platform, to help businesses protect and extend their position in an increasingly crowded mobile payments marketplace.
See it in action here
Mobile solutions are opening up faster and more convenient ways for businesses to manage money on the move. Mobile Point-of-Sale (mPOS) solutions enable businesses to process card payments at any time and in any location. Market estimates indicate mPOS acceptance could result in $1.1 trillion new card payments annually.
However, many mPOS solutions including smartphone and tablet apps are increasingly offered by non-traditional payment providers looking to capitalise on this fast-growing market. This is accelerating the competitive landscape and changing traditional merchant, bank and acquirer relationships.
Monitise mPOS has been launched to help financial institutions offer a competitive proposition for merchants. It can be integrated into existing mobile applications, and alongside mPOS card acceptance, and offers a number of additional features including real-time bank reconciliation, cash flow management and an overview of recent transactions. Alternatively, Monitise mPOS can be delivered as an independent solution and rebranded for any financial institution, acquirer or distribution partner.
Monitise mPOS caters for Chip & PIN, Chip & Signature or swipe payment methods and can be integrated with the Monitise Enterprise Platform, and its technology which enables consumers to bank, pay and buy via their mobile. The service, which forms part of Monitise’s set of payments solutions, works with a Bluetooth connected card reader and has the ability to access integrated partner systems in conjunction with all major smartphones and tablets.
Commenting on the launch, Monitise Chief Commercial Officer Lee Cameron explained: “While mobile is changing the payments market, mPOS is a fast-growing area within the payments ecosystem and financial institutions are ideally placed to capitalise on it. In order to do this they must build upon existing revenues and relationships and offer a competitive proposition to merchants, which can be scaled easily to meet future business and consumer needs.”
Cameron added: “Monitise mPOS is a complete solution that stretches beyond basic card acceptance which is – whilst a vital part of an mPOS offering – only one piece of the puzzle. Monitise mPOS is a gateway to a fundamental shift in how merchants can service their customers. Our roadmap for merchants goes so far beyond just mPOS, incorporating value-added features to address different business needs such as proximity payments, geo-location services, mobile quotes and invoicing, offers and loyalty, till and stock management, person-to-person payments and more.”