Telecom Lead Asia: Mobile payments company mPowa to focus on Indian telecom market.
mPowa expects the Indian market to be one of the fastest adopters of its mobile payment technology.
Recently, the company signed the largest deal in its sector worldwide to supply its devices and payment infrastructure to First National Bank in South Africa.
mPowa service allows companies to accept mobile credit card payments using their mobile phone as an electronic till. It includes a mobile phone app and a reader which connects to a smartphone or mobile device via Bluetooth.
In 2013, it looks to take a commanding share of the $15 trillion global credit and debit card acceptance market.
mPowa’s Chip & PIN has replaced outmoded magnetic swipe readers in the UK, Europe and Asia, and other markets such as the US will be migrating soon. mPowa’s patented credit card reading devices will maintain their market leading position as early adopters. Some competing firms operating in the mobile payments arena have yet to make their commitment to Chip & PIN.
“We are really pleased with the recent success we have had with mPowa and the strong demand from a wide variety of sectors including banks, telcos and other partners on a daily basis. Security is a concern for companies of all sizes which is why it has been important for us to invest heavily in this area to ensure that our product is safe, robust and compliant with the industry regulating bodies,” said Dan Wagner, chairman and CEO of mPowa.
“As we infiltrate new markets around the world, we expect to roll out our offering on a wider scale and enable businesses to benefit from our market leading product,” Wagner added.
