MobiSwipe is deploying over 50,000 mPoS devices across India within the next nine months. 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.
The move falls in line with the government’s vision of ‘Digital India’ and complemented with the RBI’s policies advocating non-cash transactions.
While metros and tier one cities have been steadily moving towards transacting without cash, MobiSwipe is focused on tier two, tier three 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 and banks.
“We see India as a huge opportunity for growth. We are strong advocates for digital payments. Demonetisation 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 Niranj Sangal, Group CEO, OMA Emirates Group.
“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,” he said.
In smaller cities we understand that there is lack of knowledge about operations and costs he said, adding: “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 favourable choice for all. We attempt to create an ecosystem 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 onboarding process. Real-time transactions are enabled and funds get transferred to the merchants account on a daily basis.