Monitise has jumped on the mobile point-of-sale bandwagon, launching a white-labelled service for banks, mobile operators and acquirers to offer their business customers.
Like iZettle, Payleven, PayPal Here and others, Monitise mPOS connects a chip and PIN reader with a mobile app via Bluetooth, enabling merchants to accept card payments.
Unlike other providers though, Monitise is pitching its system not at retailers but at the banks, mobile operators and acquirers who find themselves facing a host of new competitors in the emerging mPOS market, which Javelin Strategy & Research estimates could result in $1.1 trillion new card payments annually.
Lee Cameron, chief commercial officer, Monitise, says: "While mobile is changing the payments market, mPOS is a fast-growing area within the payments ecosystem and financial institutions are ideally placed to capitalise on it. In order to do this they must build upon existing revenues and relationships and offer a competitive proposition to merchants, which can be scaled easily to meet future business and consumer needs."
The technology can be integrated into existing mobile applications, and alongside mPOS card acceptance, and offers real-time bank reconciliation, cash flow management and an overview of recent transactions. Alternatively, it can be delivered as an independent offering and rebranded for any financial institution, acquirer or distribution partner.
"Monitise mPOS is a complete solution that stretches beyond basic card acceptance which is - whilst a vital part of an mPOS offering - only one piece of the puzzle. Monitise mPOS is a gateway to a fundamental shift in how merchants can service their customers," says Cameron.