PayMate Launches PayPOS Mobile Payment App
PayMate India, a mobile payments company, has launched 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. The application has been in the market for more than a month, and has no setup fee, rentals, variable fees or minimum transaction threshold.
According to a press release, 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 release claims that the app has been downloaded 25,000 times. Most of the app users are merchants who use multiple locations to interact with their customers and risk losing out on sales if customers aren't carrying enough cash or cheques for payment. These merchants can use PayPOS to charge customers’ cards on the move and settle transactions immediately along with having sales logged and tracked by the application. Merchants also have access to data such as transaction history and other reports on their mobile device as well as online through a merchant center. Another feature of the app is the ability for a customer sitting at a remote location to place a product/service order and make payment at the time of delivery.
The release quotes Ajay Adiseshann, Founder and Managing Director of Paymate, “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."