integration of Point of Sale technology into mobile wallets
mPOS is the name we give to our mobile Point of Sale solution. mHITs is a global pioneer of integrating of Point of Sale technology with new or existing mobile wallet systems.
Our flexible approach means we can integrate to almost any new or existing mobile wallet system and provide innovative, value-added services to mobile payment operators.
overcoming the walled garden of a mobile wallet ecosystem
Traditional mobile wallet systems allow funds transfers between accounts linked to a specific mobile handset. This means that mobile wallet accounts are tied to specific individuals which can in some cases restrict their usage to a certain type of ecosystem. For example using this approach means that payments within the mobile wallet are often restricted to person-to-person payments or payments to street vendors or agents.
For these reasons, mobile wallets are often restricted to being used primarily as a cash transfer mechanism across a given country. They are not yet fully used within an economy for purchase transactions as a universal day-to-day payment method.
mPOS allows mobile wallets to participate in the broader economy
Incorporating Point of Sale technology to a mobile wallet means that the transaction is not tied to a specific individual, namely the funds can be directed to a business or merchant account within the wallet ecosystem. By introducing the Point of Sale terminal in mainstream retail environments such as supermarkets, government shopfronts and retail stores, it enables mainstream adoption and participation of mobile wallet account holders in the broader economy.
Terminal transaction data is available to the merchant in full electronic form for reconciliation and audit purposes.
mPOS is a platform for other payment services
The mPOS terminal also provides a platform for cash-loading and cash-out of mobile wallet systems, again with the benefit of a printed receipt for proof and a complete electronic audit trail. A printed receipt provides physical evidence of payment thereby providing for reduced potential for fraud and by adding additional information to the receipt can also be used for services such as ticketing.
electronic audit trail for agent networks
Incorporation of mPOS technology in existing agent networks, not only removes the personal dependency on a single agent handset, it also provides a printed receipt for all transactions and a full electronic audit trail. The mPOS terminal hardware can also be used as an interface for providing additional services such as KYC and mini-statement generation, potentially removing the need for an agent to require a computer.
industry standard encryption
the mPOS technology uses ISO encryption standards for PIN encryption and data transfer between the terminal and mobile wallet server hosts. A variety of authentication methods means that the transaction can be instigated directly from the mPOS terminal itself or payment can be initiated remotely away from the venue.
practical alternative to bank based solutions
Linking Point of Sale capability to a mobile wallet, bridges the divide between the often stand-alone or walled garden mobile wallet ecosystems and the mainstream retail economy within a given market. This leads to easier mainstream adoption and increased financial inclusion of mobile wallet systems and provides a practical alternative to bank based products and solutions which are often not suitable for emerging markets and the unbanked.
accept government and institutional payments
The mPOS point of sale technology allows mobile wallets systems to participate more fully in an economy by being “plugged in” to mainstream retail transaction systems including supermarkets, drug stores, government offices and other institutions.
For more information please Contact us.
Follow Us!