M1, a mobile services company based in Singapore, has developed a new mobile Point of Sale (mPOS) solution in collaboration with CIMB, MasterCard and Wirecard.
The solution enables smartphones and tablets to act as payment terminals, allowing merchants to accept credit and debit card payments from customers from anywhere. The new device is aimed at smaller businesses located around Singapore.
‘‘We want to bring the benefit of card payments historically enjoyed by larger retailers to Singapore’s smaller, but no less enterprising, merchants and service providers,” said Willis Sim, M1 chief product development and corporate solutions officer.
Since April 2014, over 12,000 new independently owned businesses have registered in Singapore, creating the opportunity for large payment firms such as MasterCard to develop mPOS solutions.
‘‘We worked with our partners CIMB, MasterCard, and Wirecard, to develop the … plug-and-play mPOS solution, the most convenient and cost-effective way for lean and mobile retailers to accept card payment anytime, anywhere,” continued Sim.
Research from Timetric suggests that mPOS adoption for businesses will increase dramatically on a global scale, as the volume of terminals is expected to increase from 4.5 million in 2011 to 38 million in 2017.
‘‘Singapore is a mature market for electronic payments and people here recognize the benefits of going cashless, such as convenience and security… the M1 mPOS solution will further advance electronic payments in Singapore and enable micro merchants to accept card payments issued by global networks, anywhere and anytime,” commented Deborah Heng, general manager of MasterCard Singapore.
Whitepapers
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