MCB, one of the largest banks in Pakistan, has launched Mobile Point-of-Sale (mPOS) service across Pakistan. Collaborating with MCB for this service is UnionPay International and Monet as the technology provider. Aiming for small-scale retail merchants, stores, food chains, online stores and insurance companies, mPOS provides the opportunity to pay-as-you-go and not rely on cash for small scale payments. Being a low-cost method, mPOS service can help in automate entire payment processing mechanism for small-scale businesses.
The signing ceremony took place in MCB Tower in Karachi where representatives from each company were present, including MCB President Mr. Imran Maqbool and Monet CEO Mr. Ali Abbas Sikander.
The mPOS technology is easy to understand. Just like POS solution, there is a device that reads card when swiped and it is connected to a smartphone using its audio jack. The smartphone has an app and it is connected to the internet (3G/4G); once swiped, the app verifies the payment online and payment is cycle is completed just like any other POS transaction. It is integrated with all major brands (VISA, MasterCard etc) and can be customized based on industries such as food services, delivery services, fast food restaurants, taxi service etc.
Speaking on the occasion Mr. Imran Maqbool, President MCB, said:
“MCB’s Mobile acceptance technology is exactly what is needed for bringing electronic payments, along with its benefits, to more merchants and consumers. With Mobile POS, we are opening up the market to all merchant tiers, bringing convenient and secure mobile checkout for every consumer.”
Mr. Han Wang, General Manager of UnionPay International Middle East, expressed his views on mPOS Technology:
“The growing popularity of mPOS acceptance solutions, especially among micro and small merchants, is helping to drive the migration from cash to electronic payments. The UnionPay enabled program gives merchants and consumers the peace of mind they need when transacting with mobile phones.”
Mr. Ali Abbas Sikander, CEO Monet, said:
“Monet is providing MCB is Mobile POS technology services to add new payment experience with mobility. The mPOS technology introduces a new world of finance that moves beyond just payments. It is a complete merchant solution, addressing merchant needs across business functions such as marketing, finance, logistics or accounting. Additionally, mPOS enables everyone, from the small merchant around the corner to the global brand looking for consumer insights, to accept card based payments on-the-go.”