M1 has launched a mobile Point of Sale (mPOS) service aimed at enabling small retail businesses to accept card payments.
The service, developed in collaboration with CIMB Bank, Mastercard and electronic payment vendor Wirecard, allows smartphones and tablets running Android or iOS to act as mPOS terminals via the attachment of a proprietary card reader to the device.
Merchants using the service will be able to accept payments via MasterCard or VISA credit, debit or prepaid cards. Transactions on the mPOS solution can be completed anywhere through a wireless Internet connection.
According to chief product development & corporate solutions officer at M1 Willis Sim, the mPOS service is aimed at start-ups and businesses on-the-move.
Subscription to the service costs S$5.35 ($4) per month and can be tied to any M1 data-bundled mobile plan. Merchants can sign up for the mPOS service online at www.m1.com.sg/mPOS , with approval expected within two working days of registration. Commission rates start from 2.95% of the total transacted amount, with a $0.20 minimum commission per transaction. The service does not require a deposit or minimum monthly transaction commitment.
The mPOS card reader can be collected at any M1 shop nationwide and activated via a mobile app.
Merchants using the service will be able to track and view all transactions through the mobile app or an online web portal. Receipts can also be electronically generated and emailed to customers.
Retailers who have accounts with CIMB Bank, the party in charge of clearing and settlement for the mPOS solution, can receive funds from their transactions the next working day. Funds will otherwise take two to three business days to reach non-CIMB Bank accounts.
The service is currently available on Android devices, with iOS devices soon to follow.