PayMate, the mobile payment company, has launched a PayPOS mobile application, which allows small businesses to accept credit and debit cards and process electronic transactions directly on their mobile phones at the point of sale (POS). The application has no setup fee, rentals, variable fees or minimum transaction threshold. How this works? Merchants with a Smartphone or tablet (Android, iPhone, and iPad) can download the PayOS app on their phone. The merchant, after registering with the service, will be provided a Merchant ID (MID) and a Device ID (DID) that will enable him to use his mobile phone as a POS device and have the Merchant name show in the customer’s card statement. Following that, he just needs to enter his mobile number and the amount on his smartphone. The customer enters the card details and the secure password or OTP. The…
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