New Delhi, India, September 19, 2014: Mahindra Comviva, the global leader in providing mobility solutions, recently announced a strategic partnership with First Data, the global leader in payment technology and services solutions, to roll out their mPOS solution that is set to make payment acceptance faster and secure for the Indian merchant community.
This holistic payment solution enables businesses, including small and medium enterprises and service professionals, to utilize their mobile phone as a Point-of-Sale (POS) device and drive transaction volumes by letting consumers use card-based payment instruments. This will empower merchants to customize individual needs such as home delivery, insurance, retailing and e-tailing, radio taxis and ticketing. The associated card reader has an innovative design that connects to the smartphone via Bluetooth, is equipped with a LCD display and tactile response pin pad for pin entry thus making it easy to use. It accepts a variety of card payments, including all kinds of chip and magnetic stripe cards and is fully compliant with RBI, EMV and PCI standards.
Mahindra Comviva’s payPLUS solution fulfills the need for a quick and reliable user interface that supports and simplifies POS, billing and reconciliation-related activities. 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.
Srinivas Nidugondi, Senior VP and Head Mobile Financial Solutions at Mahindra Comviva said “We are extremely delighted to partner with First Data in bringing a unique value proposition to the Indian merchant community. India has about 418 million credit/debit card holders as against a mere 1 million POS terminals; 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. We are confident that our deep-rooted knowledge in the electronic payments domain will be vital in providing cost-effective solutions to merchants.”
Nitish Asthana, General Manager, First Data Acquiring Services said “Merchants today are always looking for a simple and integrated solution that allows them to better serve their customers through convenient, fast and secure transactions. With the combination of our trusted relationship with leading merchants across India, and the expertise of Mahindra Comviva, we are confident that our MPOS solution will help our merchant community reduce costs and enhance the consumer experience, which will help the merchants grow their businesses.”
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 – allowing merchants to better manage their business. 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.