PayMate India, a mobile payments company, 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) terminal.

This is the first time that the company has launched this application, which has no set-up fee, rentals, variable fees or minimum transaction threshold.

A person with a smartphone can sign up with PayPOS and begin transactions.

To charge, the merchant just needs to enter the mobile number and the amount on the screen. The customer then enters the card details and the secure password. The transaction is then processed in real time.

Multiple locations

According to company officials, the application has seen 25,000 downloads. Many merchants, who have signed up using multiple locations to interface with their customers, lose out on sales when customers were not carrying enough cash or cheques for payment.

Charging customers’ cards on the move can help settle transactions immediately and also have sales logged and tracked in the application.

Transaction history, other reports

Merchants also have access to data such as transaction history and other reports on their mobile device as well as online on a merchant centre making all sale related information.

Another important feature is that this allows for a customer sitting at a remote location asking for a product or service delivery, make payment at the time of delivery.

“With the PayPOS application for smartphones, transactions-on-the-move will be a suitable option for small businesses with smartphones, especially those who need mobility. Businesses in the unorganised retail sector will benefit tremendously from the services of this application,” said PayMate Founder and Managing Director, Mr Ajay Adiseshann.

According to the latest research, there were 21 million smartphones in India as of January 2012.

Related Topics
comment COMMENT NOW