Paymate, one of the leading company in India for mobile payments has launched PayPOS, a mobile app that converts your mobile phone into a card processing terminal and allows merchants to accept credit card payments on the move.
India currently has plenty of mobile apps that allow consumers to make payments for array of services on their mobile, however, none of them had facility to accept payments. Paymate’s PayPOS is India’s first mobile app which allows small businesses, individuals & merchants to accept and process electronic transactions using credit and debit cards directly on their mobile phones at the point of sale (POS) itself.
How PayPOS works
The merchant or individual who wishes to use PayPOS needs to first sign up with PayPOS – Once registered as a merchant, they will be provided a Merchant ID (MID) and a Device ID (DID) that will enable use of mobile phone as a POS device and have your Merchant name show in the customer’s card statement.
The merchant has to download the mobile app and start transacting instantly. Currently, PayPOS is available for Android & iOS devices.
To charge a customer, Merchant has to simply enter his / her 10-digit mobile number and amount to be charged on the screen. The customer then simply enters their credit card details and 3D secure password. Once the customer has entered the details, the transaction will be processed within a few seconds.
PayPOS also provides transaction history and other reports on the mobile device as well as on the PayPOS website.
PayPOS pricing
The PayPOS app is totally free.
However, PayPOS will charge the merchant credit card payment gateway fee of 2.95% + taxes. It will be deducted from the transaction amount during settlement. Merchant has an option to pass on the fee to their customers as well.
Our Take:
One this is for sure, PayPOS will benefit businesses in the unorganized retail sector tremendously. Paypos will also be very attractive to individuals & freelancers who can now accept payments without much hassle.
Currently, PayPOS does not seem to have a physical card reader extension – equivalent to popular Square app in the US. However, I am sure Paymate will have plans to have something similar in the future.
I have personally registered for it, but was not able to use as the account has not been activated. One thing for sure – if PayPOS does what it says, it is sure to be a hit with merchants!
What do you think?
Hi arun & Ajay,
Thanks for This Great Post. I am Newbie in the Internet Marketing. I am Doing SEO for one My Australian ClientBut I dont Know how to Receive Payments Form Them.I have Paypal Account Only. Can i Use Paymate Service for Receiving Payments. If yes Means, Please What are the Requirements to need for That. Please Explain me or Mail me The Full Details of this Process.
Thanks in Advance. I am Waiting for Your Help. :)
Cool, PayPOS payment system.
Hi Arun,
Good to see exciting things happening in India as well, on mPoS front. Congrats for the nice one! PayPOS solution is ‘Card Present’ case, not ‘Card Not Present’, right? So once the Dongle is attached, it’ll work exactly same as Square or GoPayment. Second, when are you launching the Dongle based App. Third, does your solution works with Feature Phone. Lastly, do you partner with Banks OR Service Providers. Thanks, Anurag.
it sounds very interesting, but you should not have any problem in activating it. I had the same problem Else, the consumer will either forget or lose interest or think it is just another free downlaodable app. Maybe Paymate should allow for instant activation, and within a few days post paperwork or whatever a become fully regsitered merchant. is that possible to do?Dont know. Can someone confim
AK
Arun-thanks for your review.. Card reader will ship shortly which will read credit and debit cards. Card reader will pick up track data for card processing. Merchants will have options to use either. We see a market for both.
Thanks Ajay for letting us know – In one of the payPOS’ promotional videos I did see a user swiping the card with external card reader… When are you planning to launch it… any timeline?
Arun-we plan to ship card swipes in 2 weeks
Ajay – Any Update on this?
This is bullshit
” The customer then simply enters their credit card details and 3D secure password.”
Though you have not posted details, I assume, it requires user to input their credit card number, expiry date, name and cvv number. CRAP.