Mobile point-of-sale (mPOS) service has been gaining widespread adoption across the world owing to convenience and flexibility it offers. People do not carry a lot of cash with them. Moreover, governments across the world have been promoting cashless transactions. Small and medium businesses have been trying to enhance the customer experience by offering mPOS options. The benefits of using a mPOS for restaurants and other business types can be substantial. National Commercial Bank (NCB) has launched mPOS service owing to time saving and cost-effective benefits. The leading grocery chain in North America has started accepting UnionPay payments for diversifying payment options for their customers.
Moreover, new mobile payment platforms have been launched for the convenience of users. The mPOS market has grown significantly over the past few years. According to the report published by Progressive Markets, the global mobile point-of-sale (mPOS) market would grow at a CAGR of 38% from 2017 to 2025. Following are some recent activities taking place across the world in the mPOS industry:
Flexibility in payments for small and medium-sized businesses with mPOS service
National Commercial Bank (NCB) launched mPOS service for small and medium-sized businesses. Determining the need for mobility and convenience in the 21st century, NCB would offer products and services for companies and individuals. With mPOS service, there will be optimization of business processes and time-saving benefits for firms along with increased flexibility. It is more cost-effective than traditional POS machines. It uses global security standards and EMV chip technology. Many small and medium scale businesses have been missing on business growth opportunities because of non-acceptance of credit and debit cards. Buyers do not carry a lot of cash, so it is crucial for businesses to find alternative solutions. mPOS is a viable option for that. This service by NCB aligns with the national financial inclusion strategy that tries to include more Jamaicans into the formal financial system. The NCB executives will discuss with regulators to relax few regulations for small businesses – this will enable small businesses to take advantage of mPOS service.
Leading grocery chain to accept UnionPay payments
iFresh, Inc., a leading supermarket chain and online grocery store, announced the acceptance of UnionPay across its stores in the U.S. WeChat Pay and Alipay payment options have been successful in 2018. The company now intends to accept UnionPay payments. With the help of UnionPay mobile application, the cardholders will be able to pay with their smartphones at point-of-sale. The UnionPay services will be offered in stores and online with the help of a partnership with CITCON, a leading cross-border mobile payments provider. CITCON helps Chinese mobile wallet users to connect with merchants. Mr. Long Deng, Chairman, and CEO of iFresh outlined that the growth in tourists, students, and Chinese Americans enforced them to diversify payment options. It is the aim of the company to offer many payment options and a better exchange rate to UnionPay cardholders.
New mobile payment platforms for convenience
New mobile payment platforms have been announced by Glance Technologies Inc. to integrate with leading restaurant and merchant POS systems. Glance Pay & Glance PayMe™ mobile payments platforms have been offered for leading restaurants and merchants including some of the top restaurant POS brands including NCR Aloha POS, Oracle MICROS, NorthStar, and Squirrel POS. These integrations would enable Glance to connect with more than nearly 500,000 POS installations across North America. Moreover, Glance can send and receive information to the POS and eliminate manual procedures. These integrations also open up new opportunities such as electronic billing, auto-closing bills, and auto-insertion of orders. This is a step for making Glance Pay a preferred mobile payments platform for various businesses.