Instant, convenient and easy-to-use application empowers merchants to provide customers payment options
Mumbai : PayMate India Pvt. Ltd., the country’s leading mobile payments company, have officially launched for the first time in India, the 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) itself. In the market for more than a month, the application has no setup fee, rentals, variable fees or minimum transaction threshold.
Anyone with a Smartphone can sign up with PayPOS and begin transactions immediately. 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.
The application has already seen over 25,000 downloads. Many merchants who have signed up use multiple locations to interface with their customers and 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. Merchants also have access to data such as transaction history and other reports on their mobile device as well as online on a merchant center making all sale related information available at his fingertips.
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 first of its kind application launched in India for smartphones, transactions-on-the-move will be a suitable option for small businesses with smartphones, especially those who need mobility. Businesses in the unorganized retail sector will benefit tremendously from the services of this application. 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” said PayMate Founder and Managing Director, Ajay Adiseshann.
To know more about PayPOS, you can visit www.paypos.com
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About India Mobiles and Payment Landscape
A strong growth of the smartphones is imminent with a 21 million smartphones already accounted for as of Jan 2012 (Canalys Research, Jan 2012). The IDC forecasts this figure to rise upto 81.5 million by 2015 whereas the average price would be Rs. 5000 within 12 months. Android is deemed to be the dominant platform for the phones to operate on.
About Indian Retail and POS landscape
In a recent study the organized retail market was pegged at $ 26 billion in 2011, with an estimate of $84 billion by 2016. On the other hand the unorganized segment came at a figure of $ 444 billion as per 2011 and was estimated to go up to $ 591 billion 2016. The top 5 categories in terms of growth were Health and Fitness by a margin of 20% followed by Beauty Services (18%), Consumer Electronics (13.5%) and Furnishing and Furnitures (13.5%).
The POS industry is fast growing with huge potential, with figures of only 5,76,000 terminals for over 20 million merchants.
Source: Technopak “Emerging Trends in India Retail & Consumer 2011
PayMate is a wireless transactions platform provider with a first-of-its-kind mobile payment platform which lets you link your mobile phone to a bank account, credit card or a prepaid account - turning your mobile phone into a secure payment tool to be used anytime, anywhere.
PayMate’s hybrid SMS and IVR based transaction platform along with its BREW and j2ME application suite offers unparalleled simplicity making it usable on even the most basic handsets, across all telecom operators. PayMate’s list of security certifications includes compliances such as PCI DSS 1.2, PA-DSS 1.2 and Govt. Of India’s Cert-in, certifying its systems, processes and infrastructure with banking grade security.
PayMate has operations in USA, UAE, Sri Lanka, Nepal, Africa & Eastern Europe and an ecosystem of over 15,000 merchants offering mobile payments to their customers. PayMate has tie-ups with over 30 banks including SBI, ICICI Bank, IDBI Bank, Standard Chartered Bank, Corporation Bank, Royal Bank of Scotland to name a few, and has also tied up with Galileo to offer its 6,000+ agents a remote payment collection solution via mobile. In the US PayMate has partnered with leading transaction service provider-TSYS to offer merchant mobile POS solutions and is steadily foraying into mobile money transfer as part of its inclusive banking roll-outs.
To know more visit www.paymate.in or contact: Imprimis PR, Varun Joshi- 9819449996 or email – [email protected]
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