01 August 2015

MasterCard launches mobile POS programme for merchants

23 May 2012  |  2733 views  |  0 Source: MasterCard

With the evolution and proliferation of mobile devices, there has been a surge of innovation in point of sale technology.

MasterCard (NYSE:MA) today announced a global initiative called the MasterCard Mobile Point-of-Sale (MPOS) Program that will provide best practices to mobile point-of-sale solution providers and merchants, ensuring simple and secure transactions when consumers use their debit, credit and prepaid cards to pay merchants that use these devices.

Mobile devices are fast-becoming an integral part of people's daily lives around the world. MasterCard has been working to transform these devices into tools of commerce that give consumers and merchants new options for how they shop, pay for goods and receive payments.

"The boom in mobile devices provides a huge opportunity for innovation across all industries - including payments," said James Anderson, Group Head, Mobile, MasterCard Worldwide. "With nearly 6 billion mobile subscriptions around the world, there is tremendous potential to grow merchant acceptance - it's imperative that manufacturers, vendors and merchants maintain the highest standards to enable a seamless and secure purchasing experience."

The MasterCard MPOS Best Practices document contains guidance that solution providers and merchants should adhere to, including best practices regarding:
1. Securing MPOS Payment Applications
2. Securing Transaction Data Captured by an MPOS Card Reader Accessory
3. Securing Personal Account Numbers (PAN)
4. EMV Chip Transactions
5. Display of the MasterCard Acceptance Mark
6. Merchant Confirmation
7. Cardholder Verification Methods (CVM)
8. Receipts

"While the market for mobile phone and tablet payment acceptance is in its infancy, it has already seen explosive growth," said Will Graylin, CEO, ROAM Data. "We're very pleased that MasterCard is leading the efforts in providing necessary guidance to the industry for this important area that is rapidly expanding payment options for consumers and merchants."

MasterCard estimates that by by the end 2011, there were approximately 1.2 million MPOS solutions shipped to MasterCard merchants globally. Importantly, approximately 75 percent of those merchants had previously not accepted payment card transactions. With the incredible amount of innovation and growth expected in this area, MasterCard will continue to expand the MPOS Program over the coming months.

"iZettle changes the way small businesses take payments and, over the last few months, iZettle has increased the Nordic payment card acceptance market by 10%," highlighted Jacob de Geer, Founder and CEO, iZettle. "We're happy to see a major player like MasterCard pave the way for safe, simple and smart payments for a growing industry and for the merchants that use new solutions like ours."

MPOS solution providers can assess their solutions against the MasterCard MPOS Best Practices and apply to be listed as a "certified" provider on MasterCard's website. Registration for this program will open in July 2012. 

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

 
Your browser is unable to support Flash files.


Top topics

Most viewed Most shared
ING Bank introduces voice-activated mobile...
9088 views comments | 26 tweets | 30 linkedin
Will Uber be the Uber of banking?
7470 views comments | 40 tweets | 31 linkedin
Payments and capital markets sectors domin...
6357 views comments | 17 tweets | 18 linkedin
Singapore hires Citi veteran to lead new f...
5677 views comments | 13 tweets | 5 linkedin
Stripe lands new funding; signs deal with...
5612 views comments | 16 tweets | 18 linkedin

Featured job

Find your next job