Businesses in Romania can now process card payments in an easy, low-cost way, thanks to a new mobile payments device launched by ING recently.
The device is light, fits in a pocket and connects via Bluetooth to a mobile phone app that enables both debit and credit cards payments to be made and processed.
Merchants no longer require expensive data contracts and telephone and modem connections to operate bulky mobile card payment machines.
The mobile point of sale (mPOS) service also gives merchants digital access to statistics, reports, financial accounting balances and other information.
Advanced and simple
“ING mPOS is advanced and simple at the same time, consistent with our strategy to make banking simple for our customers. Companies in industries such as insurance, transport or retail, can benefit from simplifying the card acceptance process,” said Mihaela Bitu, head of Wholesale Banking, ING Bank in Romania.
ING Romania has already signed up its first major client to the service: NN Life Insurance. With ING mPOS NN Group’s financial advisors can accept card payments anywhere. Financial advisors are often on the road and the service makes it easier for their customers to pay them on the spot for their insurance or other services.
The new service is also ideal for small traders, such as those with market stalls, who would not normally be able to accept cards because of the cost and the equipment required.
ING developed the new service with global mobile payments provider, GoSwiff and MasterCard.
“This is an exciting time for the payment industry, especially in developing markets such as Eastern Europe. Technology has enabled enhanced mobility in payments, increased security, accessibility and improved productivity for merchants,” said Stefano Diemmi, COO of GoSwiff.
“It is a privilege to be partnering with such a forward thinking bank as ING, to develop card acceptance infrastructure that will benefit consumers in Romania.”
MasterCard joined the project as a strategic partner, investing in terminals for Romanian merchants to boost electronic payments and, thus, financial inclusion.
Romania is a promising market for this service, with its high growth in smartphone sales and improved security conditions. Add innovations like mobile payment points and contactless technology and there is plenty of room for merchants - and ING - to grow.