Mobile payments company PayMate has launched PayPOS application, which allows small businesses to accept and process electronic transactions using credit and debit cards directly on their mobile phones at the point of sale (POS). The application has no setup fee, rentals, variable fees or minimum transaction threshold. Through this app, the company aims to project mobile payments as the most suitable option for small businesses with smartphones, especially those which need mobility.
Commenting on the new app, Probir Roy, co-founder and director, PayMate, says, "For a country of anywhere between 2-4 crore micro, self-employed, SME businesses, the current traditional POS penetration of about 4,50,000 is dismal. For a country of our size, it should be at least 10 times that! This has been a barrier to adoption of e-payments. PayPOS will revolutionise merchant acceptance in the country by allowing for card acceptance over smartphone within the US$450 billion unorganised retail sector."
Charging customers' cards on the move can help settle transactions immediately and also have sales logged and tracked in the application. Merchants also have access to data such as transaction history and other reports on their mobile devices, as well as online on a merchant centre, making all sale-related information available at the fingertips.
Another important feature of the application is that it allows for a customer sitting at a remote location asking for a product or service delivery, to make payment at the time of delivery.