Indian Overseas Bank has Launched mPOS Solution Bijlipay

IBO (1)Indian Overseas Bank (IOB) has partnered with Chennai-based Skilworth Technologies Pvt. Ltd and has launched a mobile Point-of-Sale (mPOS) solution under the brand Bijlipay. The mPOS solution is targeted at small and medium enterprises across the country.

Skilworth Technologies added that it has partnered with the Frankfurt stock exchange-listed WireCard AG to create this solution. Bijlipay’s mPOS devices is being manufactured by the UK-based Spire Payments. The mPOS solution has also been tested by several merchants across multiple categories and a large-scale roll-out is expected soon, as reported by Medianama.

Also, Bijlipay has signed an agreement to deploy mPOS machines across more than 10,000 taxis in future and its website provides a sign up form to create a Merchant Account. Shortly, it is expected to offer e-commerce services enabling merchants to sell products to their consumers online.

According to the Times of India report, India has about 418 million credit/ debit cards (as of April’14) and only 1 million POS terminals. We are confident that our mPOS solution provides a cost-effective solution for converting on-the-go cash payments to electronic and for small merchants to start accepting cards.” said by Nitish Asthana, general manager, First Data Acquiring Services. US-based First Data Corporation has also launched a mPOS solution that utilises a smartphone, a mobile app and a low-cost card reader earlier this month.

See Also: mPOS in India: What, Why and more

Medianama says: Last month, State Bank of India (SBI) had selected Bangalore-based mPOS payments startup Ezetap to deploy 500,000 point-of-sale terminals over the next five years. The solution was expected to be available for customers of SBI and its five associate banks.

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A month before that, Yes Bank had launched a mPOS solution that allowed GPRS-enabled mobile phones to function as point-of-sale terminals. Axis Bank had also launched its mPOS solution Swipeonin partnership with Hitachi’s Prizm Payments and Mswipe Technologies in July 2012.

In September 2012, payments solution provider Oxigen Services India launched a Mini ATM device called OxiShaan that functioned like a mPOS terminal and could be used for mobile recharges, DTH recharges and merchant payments among others.

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