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…
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