mobiswipelogoMumbai-based mobile POS company MobiSwipe Technologies has launched a new chip and pin based mPOS solution, in partnership with Corporation Bank. The new mPOS solution will let merchants use their smartphones or tablets in tandem with a pin-enabled card reader, as a mobile point of sale solution.

MobiSwipe also mentions that it is currently in the process of raising new funds, and is in talks with a few venture capitalists for the same. The company had previously raised funds from One97 Mobility Fund in 2012 and had said then that it would use the funds to launch customized products for merchants.

The new mPOS card reader can connect to smartphones and tablets via bluetooth, and has an integrated LCD display and a pin-pad for pin entry. The device can accept chip and magnetic stripe cards and is compliant with EMV, RBI and PCI standards.

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According to MobiSwipe, it has already deployed its mPOS solution to over 100 retailers and enterprise merchants. The company said it will market this product to large SMEs and enterprises, and will also create a platform for enterprise-to-consumer payment collection. Currently, the company is targeting merchants in categories like doctors, home delivery, e-commerce companies, hotels, radio taxis, theatres and hotels & restaurants among others.

Recent developments in mPOS

– In September, mobile financial & VAS company Mahindra Comviva had partnered payment solution provider First Data to roll out an mPOS solution. As a part of the agreement, small and medium enterprises (SMEs), service professionals and other businesses will be able use their phones as a point of sale device. The company had previously launched an mPOS solution called payPLUS in June last year.

Indian Overseas Bank (IOB) had partnered Chennai-based Skilworth Technologies to introduce a mPOS solution called Bijlipay for SMEs across the country in July this year.

– A month before that, Bangalore-based mPOS payments startup Ezetap had been selected by the State Bank of India, to deploy 500,000 point-of-sale terminals over the next five years. It had also partnered with Citibank to launch an mPOS solution for merchants targeting credit and debit card holders back in January 2013.

– Reliance General Insurance also launched a mobile point of sales solution in January 2013, that allowed customers to pay insurance premiums using a mobile phone via an external card reader dongle that converts any GPRS enabled touchscreen phone into a POS terminal, a month after Yes Bank had launched a mPOS solution that allowed GPRS-enabled mobile phones to function as point-of-sale terminals.

– Axis Bank had launched its mPOS solution Swipeon in partnership with Hitachi’s Prizm Payments and Mswipe Technologies in July 2012, while payments solution provider Oxigen Services India had launched a Mini ATM device called OxiShaan in September 2012, that functions like a mPOS terminal and can be used for mobile recharges, DTH recharges and merchant payments among others.