Thursday, 18 April 2024
ING tests software that turns mobile phones into POS terminals
Dutch bank ING has piloted a software-based 'tap on phone' app, which transforms mobile devices into point-of-sale terminals.
The app, which poses a threat to the dongle-dependent mPOS technology of firms like Square as it requires no additional hardware plug ins to accept payments, is currently undergoing testing with 200 small businesses in Istanbul.
Transaction data passed over the app is encrypted and stored in the cloud, which users can access to track inventory and check daily transactions in real-time.
Working with Mastercard, ING is the first European bank to pilot the service in a commercial setting.
"The app is ideal for smaller businesses without a traditional checkout counter or for businesses with low transaction volumes which are often on the go,” says Abidin Gürsel Akbatur, project lead and merchant acquiring lead in the payments centre at ING. “It empowers business owners to accept payments anytime and anywhere, without having to invest in expensive terminals.”
According to Mastercard, there are 1.5 million small-medium enterprises and millions of other micro businesses owners such as taxi drivers, florists and electricians who can increase their sales and lower costs by adopting digital payments.
“We are looking forward to launch the pilot in other ING markets with similar needs,” says Akbatur.
Commonwealth Bank of Australia announced plans last year to introduce an equivalent service using a white label version of Mobeewave's SoftPOS technology and Digital Enablement tech from Idemia.
Re-disseminated by The Asian Banker
