Singapore-based mobile point of sale (mPOS) provider SoftPay Mobile International has arranged to buy out Vietnam MPOS Technology.
Vietnam MPOS customers include Mai Linh Taxi Group, one of the largest taxi groups in Vietnam, as well as insurance companies. Lazada Vietnam, the largest e-commerce group in the country, is also a customer.
mPos has proven incredibly popular in Southeast Asia where a vast majority of people living in rural areas have no access to traditional banking infrastructure.
With the advance of mobile technology, mPos devices such as SoftPay's mobile terminal are able to take advantage of these devices to provide merchants anywhere with a full suite of options for receiving payments.
"With this investment, SoftPay Mobile will be able to work closely with our new Vietnam MPOS company to further consolidate our market position as the leading mPOS company in Southeast Asia," said Christopher Low, CEO of SoftPay Mobile.
SoftPay Mobile is a venture-backed mPOS company with a presence in Vietnam, Malaysia, Singapore and Indonesia. Since its incorporation in late 2014, it has been aggressively pursuing expansion in Southeast Asia.