Mahindra Comviva has announced a partnership with First Data to roll out an mPOS solution aimed at driving transaction volumes for Indian businesses.
The payment solution enables businesses, including small and medium enterprises and service professionals, to use their mobile phone as a Point-of-Sale (POS) device. Mahindra Comviva hope the service will drive transaction volumes and allow merchants to customize individual needs such as home delivery, insurance, retailing and e-tailing, radio taxis and ticketing.
The solution will also soon enable businesses to leverage location based services, to deliver promotional campaigns with offers and discounts to customers, based on their location / proximity from the business store.
Merchants with existing consumer-facing applications also have an option to use payPLUS Application Programming Interface (APIs) to embed card acceptance functionality quickly and freeing them from getting into the nuances of regulatory approvals.
A key feature of the MPOS solution is the flexibility to empower the sales force of large enterprises by bringing-in mobility to their line of businesses and basic payment acceptance to micro merchants. The customized app offerings for various segments like Retail, Insurance etc. cater to specific requirements of different verticals. For large merchants using MPOS as a complement to fixed POS solutions, prebuilt-connectors facilitate integration with critical backend IT systems – CRM, inventory, billing and loyalty.
“India has about 418 million credit/debit card holders as against a mere 1 million POS terminals,” said Srinivas Nidugondi, Senior VP and Head Mobile Financial Solutions at Mahindra Comviva. “We expect a significant market share through our MPOS solution. This solution will be a one stop solution for merchants rather than them having to interact with multiple providers.”
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