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). In the market for over a month, the application has no setup fee, rentals, variable fees or minimum transaction threshold. However, credit card transaction fees of 2.95% plus taxes do apply.
Any merchant 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. 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.
“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,” said PayMate Founder and Managing Director, Ajay Adiseshann.
IDC forecasts the number of smartphones in India to rise up to 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.
