June 23, 2015
M1—in collaboration with CIMB, MasterCard and Wirecard—has launched a new mobile point-of-sale (mPOS) solution that transforms smartphones and tablets into terminals. These terminals can accept credit, debit and prepaid card payments from customers anytime, anywhere. According to M1, the introduction of the M1 mPOS solution will offer merchants the benefit of a simple, safe and secure payment experience for their customers without the need to purchase, set up, and maintain a traditional POS terminal. Startups and businesses on-the-move will especially benefit from the mobility of the mPOS solution which allows it to accept payments anywhere with a wireless Internet connection.
How does an M1 mPOS work? The M1 mPOS solution comprises of a physical card reader or dongle that can be connected to any compatible Android smartphone or tablet, transforming it into a mobile point-of-sale (POS). For the device to work, users must register for the M1 mPOS solution online. The detachable mPOS device can decrypt information from both the card’s EMV chip and magnetic stripe, so visitors holding foreign-issued cards without EMV chips will also be able to pay using the M1 mPOS device. To verify the transaction, the smartphone screen then turns into a signature pad for customers to electronically sign for their purchase.
The M1 mPOS solution also has some value-added services. Merchants can easily track and view all transactions through the mobile app and online web portal. Receipts are also generated electronically and can be e-mailed to the customer to reduce the business’ carbon footprint.
The M1 mPOS solution, tied to a M1 data-bundled mobile plan, is chargeable at $5.35 per month. Merchants will receive a free card reader which will help them to accept card payments. There is no requirement for a minimum monthly transaction; in fact, merchants will enjoy attractive rates for transactions and daily payment settlement.
A merchant who signs up for M1’s mPOS system is expected to get an approval within two days. Upon approval, the merchant can collect the mPOS card reader at any M1 shop nationwide and activate it using a mobile app. The mobile app is currently available for Android smartphones and tablets, and will be extended to iOS devices soon.
The rate of commission for merchants starts from 2.95% of the total transacted amount. $0.20 is the minimum commission that needs to be paid irrespective of the amount.
We want to bring the benefit of card payments historically enjoyed by larger retailers to Singapore’s smaller, but no less enterprising, merchants and service providers. Thus, we worked with our partners CIMB, MasterCard, and Wirecard, to develop the innovative plug-and-play mPOS solution, the most convenient and cost-effective for lean and mobile retailers such as pop-up stalls, specialty retailers, buskers, and personal trainers, to accept card payment anytime, anywhere, said Mr. Willis Sim, Chief Product Development and Corporate Solutions Officer of M1 at the press release.
Earlier in December 2014, First Data launched its First Data Pogo mPOS solution in Singapore. The solution works on both iOS and Android devices.