Balazs Fejes, SVP, global head of financial services business unit, EPAM Systems, discusses the mPOS market, what it will take for a player to succeed and how the proliferation of mPOS will affect payments processing and bank infrastructures.
Balazs has identified the right difference between PoS need and payment need of a merchant. Many companies are wasting their investors' money in devising a mobile based solution, which merges PoS and Payment needs. Hardware for PoS is usually a computer,
whch is also used for other purposes like inventory management, vendor management, payroll processing while mobile based payment system ask for a different device. This is where the confusion starts...and we see foolish solutions like mPoS.
Can we have a payment mobile based payment mechanism that does not need any hardware or does not interfere with hardware need for PoS...and beats MDR far below what credit card companies may offer.
I just wish banks wake up to the need of the hour...
© Finextra Research 2015