Payments

I Love Velvet: The unique mPOS, CRM solution

Next time you are in the SoHo district of New York and fancy a coffee, you can walk right down to Nespresso cafe and order a drink by paying using your mobile.The mobile payment solution that powers the Nespresso cafe has been developed by 'I Love Velvet', one of the leading provider of Mobile Point of Sale solutions.

I Love Velvet is a Mobile Point of Sale innovator for large retailers, entertainment groups and restaurant chains. It provides a proprietary hardware and software solution, offering retailers the flexibility of mobile payments with a fully integrated POS solution.

I Love Velvet was founded in 2010 by three former SAP, Oracle and Enterprise retail executives. The company is currently headed by Patrick Bouaziz who is also the CEO of the company.

[caption id="attachment_2177" align="aligncenter" width="368"]ILV Mobile Point of Sale  (mPOS) for the Apple iPhone / iPod touch® ILV Mobile Point of Sale (mPOS) for the Apple iPhone / iPod touch®[/caption]

Source: I Love Velvet

The differentiator for I Love Velvet is its design and that it is compatible with ​a large set of popular devices. Including Apple's latest devices that feature the lightening connector - ​the iPad, iPad mini, iPhone 5, iPod Touch. Also ​Android and Windows 7 operating systems.

I LoveVelvet supports various MPOS capabilities including credit card and debit card swipes, European chip and Pin cards, RFID, NFC and 2D bar code scanning. The U Holster of I Love Velvet is the first to be certified by Apple for use with iPad and has a built in Apple microchip. ​ It features shoulder and wrist straps and comes with a built in stand (it provides for various use cases). ​One of our sources who has requested to be anonymous says that Disney tied up with I Love Velvet to offer their Magic Wrist Band that is used in Disneyland. (I Love Velvet's tie up with Disney is yet to be verified)

I Love Velvet has successfully been deployed with retailers and merchants in the US & Europe and has recently expanded into Asia.It uses a fully encrypted process in order to process the payments. I Love Velvet provides solutions to not only the food and beverage industry but also to the hospitality industry. In the hospitality sector ILove Velvet has installed a customized mobile payment solution for Nesspresso cafe in New York. This solution uses its own patented application and hardware which includes an Apple certified microchip.The mobile solution enables PoS payment and taking orders.

I Love Velvet ​was doing well in 2012, and Reuters said that it​ stands as the third largest mobile payment software globally behind Ingenico and Vodafone. Back in May 2013, I Love Velvet expanded their services to Asia with a focus on large retailers in China, Japan and Singapore.

Here is a video where team I Love Velvet demonstrate their offerings and how they work:

Source: ILOVEVELVET110

LTP View: I Love Velvet ​claims that it is present in most of the countries around the world​ in the Mobile Point of Sale application space. It sets itself apart in its compatibility to Apple & Andriod devices and by supporting various ​payment options and enterprise grade built-in security features​. There ​were a ​few players in the end to end MPOS capability space in the past and early mover advantage is there with I Love Velvet. It​ continues to expand its reach to different geographies in its quest to improve the customer experience for its clients & to define the mobile payment technology.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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