(MENAFN - Muscat Daily) Estel Technologies, a provider of Mobile Financial Services (MFS) solutions for MNOs, banks and service providers, recently launched its m-POS (Mobile Point of Sales) platform for SME segment in MENA region for accepting card payments.
Globally, merchants accept payments via various types of cards (Credit / Debit / Gift / Prepaid) using traditional POS terminals, where the card is swiped to trigger a payment transaction with the acquiring bank. These terminals also enable merchants to run end of day batches, to settle the transactions with their banker.
Though, such POS terminals are omnipresent in developed markets, their penetration in Middle East is low in SME segment & in North Africa is low in all merchant segments, due to cost of the terminals and the associated infrastructure required. As a result, most SME merchants do not accept card payments leading to customer inconvenience & possible loss of business.
Estel's m-POS technology converts an Android smart phone into a card accepting POS terminal, by combining it with a smart mobile application & an external card reader which is attached to the phone via its headphone jack. This enables merchants to accept card payments via their Android phone, in the same way as traditional POS terminals do, but at a fraction of their cost, with the added convenience of full mobility!
The Estel m-POS platform is operated by Acquiring Banks, or Payment Service Providers, and integrates with their existing switch; the solution includes an m-POS Merchant Device (consisting of Android phone, Estel smart m-App & approved card reader) and merchant portal, for registration, management & self care, with access to real time sales & transaction reports.
Estel m-POS platform is fully compliant with industry security guidelines issued by PCI, and it supports both magnetic stripe & chip & PIN cards, with electronic signature capture. The solution is mobile network independent.
''We are extremely bullish about introducing m-POS into the MENA region and believe that our timing of product launch is right, and we have what it takes to get a sizable share of the market with our strong local partnerships and successful track record built over the last 15 years,'' said Estel MD, Raj Hajela.