mPOS Solution - Secure Cash With Cashless Payment
The mPOS revolution is here to stay and to say that mobile is fast becoming an integral component of retailers’ POS environments would be an understatement. A study by Juniper Research found that mobile POS devices, like smartphones & tablets are expected to handle over 20 percent of all retail transaction value across the globe by 2021. The report also stated that at least a third of all POS systems are either going to be tablet or smartphone within in the next five years. This translates into at least $2.3 trillion in revenue coming through POS. Let us look at some other interesting & relevant facts:
- Research suggests that 57 percent of “in-store satisfaction” is measured based on the transaction experience. When shoppers have to look for a POS terminal, this experience gets negatively affected.
- People don’t want to wait in checkout lines. Around 75 percent of customers won’t wait more than five minutes in a queue.
What exactly is mPOS? Almost all us of these days have a smartphone which allows us to accept payments through e-wallets, UPI, BHIM etc. But that is not all? There are host of other payment modes preferred by consumers of today. Debit & Credit cards are an excellent example of these.
mPOS is just a simple device that enables one to accept multiple payment modes. It gives an opportunity to a retailer or merchant to collect card payments, online & wallet payments, cash with-drawl etc.
Why we need mPOS?
Let us look at some of the reasons people around the world are adopting mPOS solutions:
1. It gives a boost to sales: Customers today have their own set of preferences when it comes to making a payment. It is crucial for a retailer to provide their customer with the freedom to pay the way they want. It helps expand the customer base and has a direct impact on the bottom line.
2. It enables you to track customer data: An mPOS solution enables a retailer to keep track of customer preferences including mobile numbers that can be later used for future reference. This opens opportunities for engaging existing customers by offering discounts, offers etc.
3. It leads to reduction in paper work: With the help of digital receipts, retailers can always track their payments as well as provide mail/text receipts to their customers in real time. Processes like invoice generation & settlement are automated & do not require the retailers’ time.
4. It offers a fast & convenient way to accept payments: Customer experience is key when it comes to winning the heart of your customers. Imagine providing your customer the convenience of not having to stand in a queue or even approach the billing counter. mPOS makes payments quick & convenient, enabling you to accept any kind of payment, anywhere, anytime.
DigiPe by Mann India
DigiPe by Mann India is a unique mPOS service that enables a merchant to accept credit, debit card & wallet payments on their smartphone. The merchant can accept payment using any of the DigiPe options – through Payment Link, Wallet, QR code or Digiswipe. It works like an ecommerce/online payment through debit/credit cards. Some of the use cases you can think of are – paying at the restaurant, at a supermarket for grocery, at an ice cream stall, at the ticket counter and many more.
Some of the DigiPe services include:
• Pay to Merchant via Credit/Debit Card
• Pay via QR code SCAN
• Pay via SMS Invoice
• Add Money to Wallet
• Wallet Transfer from Person to Person
• Wallet transfer to Merchant
• Loan Repayment
• Mobile One time Token Generation
• Utility Payment
• Airtime Recharge
• Balance Enquiry
• Lottery payments
• Remittance (Using Third party agent network)
• Administrator Services (PIN change, bank details)
• Transaction History
• Receive notifications and reminders about bills due
• Obtain and store electronic receipts of completed mobile payment/transfer transactions
.... Many others can be added as per requirement
The world of technology & business is ever evolving and those who adapt to changing times lead the market. If you are planning to switch to a new POS system, contact us or request a demo & our Mann India Technologies team will help you out.