Online payment transaction facilitator First Data today announced the launch of its mobile payment solution that is set to make payment acceptance faster, intelligent and secured for merchants. It is expected to encourage the Indian merchant community in going cashless.  

This solution allows merchants to instantly turn their smart phone or tablet into a mobile point of sale (POS) device simply with a compact pin enabled card reader device and a user friendly mobile application. The 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 extremely 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. 

An added benefit of the solution is that it can be used for accepting cash and cheques along with accepting Multi Bank EMI payments too. It can be easily customised to suit merchant needs, thereby expanding the purview of its applicability and usage. 

“Merchants today are looking for a simple and reliable solution from a trusted partner to enable them to grow their business with customers. We are confident that our mPOS solution provides a cost-effective solution for converting on-the-go cash payments to electronic and for small merchants to start accepting cards. With this, First Data will provide all services to merchants through a single window rather than them having to interact with multiple providers.” said Nitish Asthana, General Manager, First Data. 

Targeting financial institutions, large retailers, enterprise merchants and small retailers, this product is all set to take a large section of the Indian merchant community to a cashless route with this secure, convenient and affordable mPOS solution.  

As of April, 2014, India has about 418 million credit/debit card holders as against a mere 1 million POS terminals. By catering to multiple avenues such as home delivery, retailer & e-tailers, radio taxis, ticketing, small kirana shops, hotels and restaurants, theatres and financial institutions like insurance companies, First Data expects this product to capture a significant share of the mPOS market. 

The company has planned a pan India Launch starting with the focus on metros like Delhi, Hyderabad, Chennai, Mumbai, Kolkata and Chandigarh.