Ingenico and Spanish banking group Banco Sabadell have partnered to launch a new mPOS product. The solution is currently only available on iPhone devices but will be launched shortly on Android and other operating systems.
The mPOS system developed by the pair is composed of an app and a device manufactured by Ingenico. It accepts all forms of payment: EMV Chip, magnetic strip as well as contactless payments.
As a result, Banco Sabadell aims to consolidate its position in the mobile banking space by adding a new functionality for users of its mobile banking service. Features already on the banks offering include Instant Check, which allows cheques to be deposited in a bank account by taking a picture of them, as well as the recently launched Instant Money offering, which makes it possible to withdraw cash from any of the bank’s ATMs with a mobile phone and carry out P2P mobile-enabled money transfers.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more