Leading mobile payments company PayMate India Pvt Ltd has officially launched an application that enables small businesses to accept and process electronic transactions (using credit and debit cards) directly on their mobile phones at the point of sale (POS) itself. The app is called PayPOS (mixture of Pay+POS) and it has no setup fee, rentals, variable fees or minimum transaction limit.
Merchants who have a smartphone can sign up with PayPOS and after signing-up; they will receive both a merchant ID and a device ID. For charging the amount, they will have to enter the mobile number (of the customer) and the chargeable amount, after which the customer will have to enter their card details and password. The transaction is processed in real time and a receipt of the same is mailed to the customer.
"PayPOS is the first of its kind app launched in India for smartphones and with it; transactions-on-the-move will be a suitable option for small businesses with smartphones (especially those who need mobility)," said PayMate Founder and Managing Director, Ajay Adiseshann.
"According to the latest research, there were 21 million smartphones in India as of January 2012 and the numbers are going to increase manifold in the next few years. This is an indicator of the potential of the application and more that PayMate has to offer," he added.
Although the PayPOS app is free, a credit card payment gateway fee of 2.95 per cent plus taxes is deducted from the transaction amount, hence if merchants want to pass on this fee to their customers, they will have to do so by adding it to the total amount they charge the customer (when they initiate a payment).
Here's a video explaining the service
All the sales made by the merchant are logged and tracked in the app and the merchants also have access to data like transaction history and other reports (on their mobile device as well as online). Another benefit of the app is that customers sitting at remote locations (like a place that doesn't have an ATM) can also ask for deliveries without worrying about how to make the payment. The company claims that the app has already been downloaded more than 25,000 times.
PayMate is a wireless transactions platform provider with a mobile payment platform that allows users to link their mobile phone to a bank account, credit card or a prepaid account, turning it into a secure payment tool. The company has operations in USA, UAE, Sri Lanka, Nepal, Africa and Eastern Europe and has tie-ups with over 30 banks including SBI, ICICI Bank, IDBI Bank, Standard Chartered Bank, Corporation Bank and Royal Bank of Scotland (RBS), among others.