Indian Overseas Bank (IOB) has introduced a mobile Point-of-Sale (mPOS) solution for small and medium enterprises across the country. It has partnered with the Chennai-based Skilworth Technologies Pvt. Ltd for this initiative, which has created this mPOS solution under the brand Bijlipay.
Skilworth Technologies mentions that it has partnered with the Frankfurt stock exchange-listed WireCard AG to create this solution. Bijlipay’s mPOS devices is being manufactured by the UK-based Spire Payments.
Bijlipay has inked an agreement with the call taxi service Fast Track Call Taxi to deploy mPOS machines across more than 10,000 taxis over the next few months.
The company mentions that the Bijlipay mPOS solution has also been tested by several merchants across multiple categories and a large-scale roll-out is expected soon. This rollout would include local kirana shops and other delivery based businesses.
At the time of writing this article, the IOB website doesn’t have any mention of Bijlipay, although Bijlipay website provides a sign up form that can be used to create a Merchant Account.
The site also suggests that it will shortly offer e-commerce services enabling merchants to sell products to their consumers online.
Earlier developments in the mPOS space in India
At present there are about 418 million credit and debit cards in India (as of April 2014), and only 1 million POS terminals, according to this The Times of India report. The potential that the Indian mPOS space has to offer is attracting international players to enter the market. US-based First Data Corporation has also launched a mPOS solution that utilises a smartphone, a mobile app and a low-cost card reader earlier this month, as indicated by the report.
Last month, State Bank of India (SBI) had selected Bangalore-based mPOS payments startup Ezetap to deploy 500,000 point-of-sale terminals over the next five years. The solution was expected to be available for customers of SBI and its five associate banks.
In January 2013, Ezetap had also partnered with Citibank to launch a mPOS solution for merchants targeting credit and debit card holders. In the same month, Reliance General Insurance had also launched a mobile point of sales solution that allowed customers to pay insurance premiums using a mobile phone. An external card reader dongle converted any GPRS enabled touchscreen phone into a POS terminal.
A month before that, Yes Bank had launched a mPOS solution that allowed GPRS-enabled mobile phones to function as point-of-sale terminals. Axis Bank had also launched its mPOS solution Swipeon in partnership with Hitachi’s Prizm Payments and Mswipe Technologies in July 2012.
In September 2012, payments solution provider Oxigen Services India launched a Mini ATM device called OxiShaan that functioned like a mPOS terminal and could be used for mobile recharges, DTH recharges and merchant payments among others.