India's Mahindra Comviva is partnering up with First Data to push its mPOS technology to the country's huge merchant community.
Mahindra Comviva's payPlus comprises an app and card reader that connects to smartphones via Bluetooth, and is equipped with a LCD display and PIN, enabling merchants to accept payments from both chip and mag-stripe cards. The system will also soon enable businesses to use location-based services to deliver promotional campaigns with offers and discounts to customers.
Srinivas Nidugondi, SVP, head, mobile financial solutions, Mahindra Comviva, says: "India has about 418 million credit/debit card holders as against a mere 1 million POS terminals; we expect a significant market share through our mPOS solution."
Nitish Asthana, GM, First Data Acquiring Services, adds: "With the combination of our trusted relationship with leading merchants across India, and the expertise of Mahindra Comviva, we are confident that our mPOS solution will help our merchant community reduce costs and enhance the consumer experience, which will help the merchants grow their businesses."
In March American Express invested in another Indian mPOS contender, Bangalore-based Ezetap.