Spire Payments continues its rapid growth in the mobile payments sector by supplying over 7,500 PosMatetm Smart chip and PIN mPOS devices to Indian Overseas Bank (IOB) in the Chennai area of India. This will be the first phase of an aggressive roll-out plan aimed at the micro merchant sector which has previously never accepted card payments. The vast majority of the initial deployment will be aimed at taxi drivers.
Bijlipay, an innovative payments company also based in Chennai, selected the Spire Payments PosMatetm Smart mPOS device from which to launch its low-cost card acceptance platform. Wirecard has developed the mobile payment application residing on the customer’s Android smartphone which securely passes transaction information from the PosMatetm Smart to its own processing platform and subsequently links to IOB’s acquiring infrastructure. Bijlipay provides merchant boarding, hardware provision, daily settlement, and helpdesk services.
IOB has seen its business more than double over the last four years. Such growth has been partly due to its adoption of technology innovation within India, making mPOS a perfect fit in its continuing expansion plans. IOB has in excess of 3,000 domestic branches in which to promote the Bijlipay mPOS proposition.
Wirecard AG is a global financial services and technology company providing payment processing, card issuing and risk management services to more than 17,000 corporate clients worldwide. The combination of Wirecard’s capabilities and Spire Payments’ significant experience within the mPOS sector has resulted in a proposition meeting the needs of the demanding Indian market.
The PosMatetm Smart – the world’s first certified chip and PIN mPOS solution – is deployed in over a dozen live estates globally. It is designed for merchants wishing to accept secure card payments in a mobile environment. The pocket-sized device accepts both chip and PIN and magnetic card transactions. Compatible with Android, iOS, Blackberry and Windows Mobile operating systems it can interface with smartphones, tablets or PDAs, and operates in both online and offline chip and PIN configurations. To ensure maximum security the PosMatetm Smart meets the highest industry security requirements: PCI PED and SRED. Personalisation of the device is undertaken within a card scheme approved facility.
Kazem Aminaee, CEO and President of Spire Payments commented, “Spire Payments is delighted to have been selected by Bijlipay and IOB bank to provide the region’s first mPOS solution. Working closely with partners such as Wirecard and Bijlipay is key to our rapid expansion plans in this market sector, which continue to go from strength to strength. ”