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MobiSwipe expands to international markets; competition?

Mobile POS provider MobiSwipe is expanding to international markets. Currently available only in India, MobiSwipe will now be venturing into the Indian subcontinent, including Sri Lanka, Bangladesh, Nepal and Bhutan, South East Asian markets of Myanmar, Vietnam, Indonesia, and Cambodia, Middle East and the North African regions as well.

Note that MobiSwipe was acquired by United Arab Emirates (UAE) payments solution provider OMA Emirates for an undisclosed amount in February this year. OMA Emirates will deploy the solution directly in addition to channel partners and banks.

Shashi adds: MobiSwipe’s expansion to international markets is interesting as the right now the Indian POS player market is saturated with players such as MSwipe, Oxigen, and Ezetap. As such, it makes sense for them to expand to other territories. Note that PayU sold its POS business in India to Mswipe earlier this year but it still operates a POS business in Turkey. PayU announced a partnership with Turkish payments company CallPay and launched an mPOS app. The application reads the card details and PayU mPOS can process transactions in multiple currencies and supports installment sales in Turkey. Perhaps it will look at PayU as competition in these countries as well.

Niranj Sangal, Group CEO, OMA Emirates Group said in a statement that in the first phase of the launch, the company is targeting deployment of around 50,000 terminals across these markets.  He also said that the company is in the process of developing the mPoS to become compatible for payments made with QR Code, Samsung Pay and Apple Pay.

MobiSwipe was founded in 2012 by Suresh Santhanaramakrishnan, a founding member of BharatMatrimony.com, and Harmeet Singh Arora, a veteran in the internet, online gaming and mobile domains.

MobiSwipe comes along with a pocket-sized card reader and allows merchants and businesses to accept credit and debit card payments via a simple mobile application. It provides payment option to businesses by connecting the card reader to the MobiSwipe mobile application. It is compatible with Swipe and Chip cards, and is PCI-DSS and PA-DSS compliant.

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