Yes Bank has launched a mobile point of sale (mPOS) that allows GPRS enabled mobile phones to be converted into Point of Sale terminals, reports The Hindu. The company claims that it has partnered with quite a few insurance players in the industry and that they are running tests with several other retailers in the internet space as well as food retail companies.
To use the service, merchants need to buy a mPOS card reader dongle that can be inserted into any GPRS enabled mobile phone to access the application of the bank. The Dongle is priced at Rs 2,000 but the cost varies from vendor to vendor based on the requirement, as well as on the various slabs of integration chosen by their own ERP (Enterprise ResourcePlanning) systems. Apart from that, merchants will also have to pay a rental in the range of Rs 250 to Rs 500 on any additional integration over and above the merchant service fees. We had asked Yes Bank about the technology partner for this deployment but did not get a response on the same.
The firm claims that it intends to target insurance companies, restaurants chains and large corporates that offer home delivery or payment collection at home/office. It’s interesting to see all major banks launching an mPOS solution. Previously, Axis Bank, an Indian private sector bank, partnered with Prizm Payments and Mswipe Technologies, to launch Swipeon – a mobile phone based card acceptance service or mobile POS terminal. CDMA based mobile operator, MTS, had also launched MTS mPOS, its own mobile point of sale device that can be attached to MTS mobiles for mobile transactions.
Other M-PoS Players in India
The mobile PoS devices segment continues to witness a lot of action this year. Ezetap, a company incubated by AngelPrime, startup incubator founded by Bala Parthasarathy, Shripati Acharya and Sanjay Swamy, had launched a mobile PoS (Point of sale) solution that allows feature phones, smartphones and tablets to be converted into Point of Sale terminals, by adding a compact accessory, the Ezetap Card-Reader.
Earlier, PayMate, the mobile payments company,had launched a PayPOS mobile application, which also enabled credit and debit cards payments and electronic transactions on mobile phones at the point of sale (POS). However, unlike MTS’ mPOS service, PayMate is an application based payment application and is available on all Android/iOS devices.
It all started with US based payments company Square, co-founded by Jack Dorsey, which also offers a similar solution, however, it is also not available in India. PayPal also followed suit and launched PayPal Here. PayPal Here is a similar solution, however, it’s only available on the iPhone and not available in India yet.