Mobile financial & VAS company, Mahindra Comviva has launched its mPOS solution called payPLUS across the globe.
While the details about payPLUS is not clear, the company says that the platform has been powered by its mobiquity platform and is targeted towards retail chains, insurance sector, supermarkets, restaurants and other businesses. At the time of writing this story, the company had not disclosed any partners signed up for this initiative nor did its website mention any partners. We have contacted the company and will update the post once we get a response.
payPLUS will apparently include an app and a mini-card reader to accept card payments and offer ﬁnancial and payment services including mobile money, branch less banking, mobile banking, mobile payments and point of sale solutions for proximity payments. Further, the company claims that payPLUS solution will also leverage location based services, to enable merchants to deliver promotional campaigns based on their location/ proximity.
First launch after acquisition?
This may be the first product launch for the company after Tech Mahindra had acquired a 51% stake on a fully diluted basis in Comviva Technologies, a Bharti Group Company, for a value of Rs 260 crore in September 2012. The company was rechristened as Mahindra Comviva. In February 2012, Comviva had announced a partnership with payments company, MasterCard to launch an open loop Mobile Money partnership program, allowing customers to access major financial services on their mobile phones.
Other mPOS Launches:In January 2013, Reliance General Insurance, a subsidiary of Reliance Capital, had launched a mobile point of sales (mPOS) solution which will allow customers to pay insurance premium using a mobile phone. The company will provide an external card reader dongle that will convert any GPRS enabled touchscreen phone into a POS terminal.
In December 2012, Yes Bank had launched a mobile point of sale (mPOS) that allows GPRS enabled mobile phones to be converted into Point of Sale terminals. 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.