Mahindra Comviva and ICICI Merchant Services, (ICICI MS have won the Global Telecoms Business Award for Innovation in Consumer Services for mobile POS (MPOS). The awards were announced at the eighth edition of Global Telecom Business Innovation Summit 2014, held in London.
ICICI MS and Mahindra Comviva launched MPOS to expand the digital payment acceptance network in India. The service allows merchants to accept payments anywhere by converting a smart mobile device into a secure payment terminal. In addition to card payment processing, MPOS extends an enhanced suite of business-enablement services, including cash and cheque acceptance, EMI payments, reconciliation and analytics along with a delivery management system.
The MPOS offering caters to a wide variety of merchants ranging from micro, small and medium businesses to large enterprises; across diverse industry. A key feature of the service is the flexibility to ‘empower the sales force of large enterprises by bringing-in mobility to their line of businesses and ‘basic payment acceptance to micro merchants’. Built-in Software Development Kit (SDK) capabilities accelerate the creation of custom applications to meet distinct requirements of specific verticals. Large merchants with existing payment applications also have an option to use payPLUS (MPOS) Application Programming Interface (APIs) to embed card acceptance functionality.
“The award validates our leadership position in the digital payments arena. In a fast-evolving digital economy, mobility is a critical business enabler. MPOS helps merchants to modernize their business by offering speed of deployment and flexibility to deliver tailored solutions,” said Srinivas Nidugondi, Senior VP & Head of Mobile Financial Solutions
Nitish Asthana, Executive Director, ICICI Merchant Services said: “We are delighted at the recognition. The emergent changes in consumer payment behavior represent a sizeable opportunity for ICICI MS to expand its merchant acceptance network. A critical component of our strategy in India is to build our merchant portfolio by offering new channels of acceptance and customizable solutions designed for local merchant needs – example the ability to accept payments in equated monthly installments or support cash on delivery for e-tailers. Our collaboration with Mahindra Comviva enables us to rapidly expand India’s digital payment acceptance infrastructure by extending innovative business solutions beyond basic transaction processing.”
