Market leader in Europe, which is actively courted by investors worldwide as its universal solution revolutionises mobile payments on a global scale is looking at India as one of its key markets
Europe’s most successful mobile payments company, mPowa, is preparing itself for an expansion into the Asian region due to strong demand from companies in the area wanting to take advantage of its new technology. mPowa expects the Indian market to be one of the fastest adopters of its mobile payment technology. By adopting mPowa’s cutting edge mobile point-of-sale solution, Indian businesses operating across a wide spectrum of sectors will be able to eliminate delays in payments by getting paid at the point of sale and reduce their debt. The company, which recently signed the largest deal in its sector worldwide to supply its devices and payment infrastructure to First National Bank in South Africa, is also positioned to be a key player in 2013.
mPowa is a service that allows companies to accept mobile credit card payments using their mobile phone as an electronic till. It includes a mobile phone app and a reader which connects to a smartphone or mobile device via Bluetooth. In 2013, it looks to take a commanding share of the $15 trillion global credit and debit card acceptance market.
mPowa was the first mobile payments solution in the UK market and is expected to dominate in the global market with the introduction of its market leading Chip & PIN technology. Chip & PIN has already replaced outmoded magnetic swipe readers in the UK, Europe and Asia, and other markets such as the US will be migrating soon. mPowa’s patented credit card reading devices will maintain their market leading position as early adopters and innovators. Some competing firms operating in the mobile payments arena have yet to make their commitment to Chip & PIN.
Experts are predicting that 2013 will be the year that witnesses the eruption of the mobile payments industry as an appetite grows for payment solutions on the move. mPowa will look to take advantage of the fact that it is located at the confluence of four significant markets: Global eCommerce (worth $317 billion), Credit and Debit card acceptance ($15 trillion), Global Retail ($12 trillion) and Global SaaS ($10 billion).
Dan Wagner, Chairman and CEO of mPowa, said, “We are really pleased with the recent success we have had with mPowa and the strong demand from a wide variety of sectors including banks, telcos and other partners on a daily basis. Security is a concern for companies of all sizes which is why it has been important for us to invest heavily in this area to ensure that our product is safe, robust and compliant with the industry regulating bodies. But going beyond this, we have led the field because we have a product that is easy to use and allows businesses to operate in new ways.
“We are entering a new global paradigm in business whereby operatives are no longer satisfied with having a physical office in which all deals must take place. Enterprise is expanding beyond the four walls of the company headquarters and businesses therefore need tools that facilitate a much more mobile and fluid sales team. As we infiltrate new markets around the world, we expect to roll out our offering on a wider scale and enable businesses to benefit from our market leading product.”
About mPowa (www.mpowa.com)
mPowa is a point of sale device that enables credit and debit card payments to be made on the go. It consists of a mobile phone app for iPhone, iPad, Android, Windows or Blackberry devices, and a card reader. This can be either a magnetic stripe reader (MSR) which can be plugged into the phone’s headphone socket or a Chip & PIN device. It is the first service of its kind in the UK.
mPowa was created by multi award-winning serial entrepreneur Dan Wagner. Dan set up mPowa as the mobile off-shoot of his ecommerce and web publishing platform for small businesses called Powa Technologies. Previously, he established Venda – the world’s largest ‘on demand’ ecommerce provider – and Locayta – sophisticated search and profiling technology – both are now global leaders in their fields.