<p>Mobile payments are here and in the next couple of years will emerge as a standard choice of payment solution for business owners. By accepting card payments, business owners can not only give their customers an added convenience but can also reap in the multiple benefits it offers. It's a win-win situation.<br><br>Many small and medium businesses still rely on cash as the preferred mode of payment and due to certain limiting factors cannot opt for a traditional POS system. There is also a huge gap in the number of POS terminals deployed (11, 25, 715) by banks in India and the number of cards (2.12 crore credit &56.5 crore debit cards - as of April 2015) been issued so far. With the objective of bridging this gap and to provide an affordable/easy to use solution, 'Paynear mPay'mobile point of sale solution was launched keeping all the businesses in mind. With 'Paynear mPay' merchants not only require less up-front investment but also getmany important featuresthat improve their sales and business.<br> </p><table align="right" border="1" cellpadding="5" cellspacing="5" style="width: 200px;"><tbody><tr><td><img alt="" src="http://bw-image.s3.amazonaws.com/PRABHU-RAM---PAYNEAR-MD.jpg" style="width: 200px; height: 200px;"></td></tr><tr><td>Prabhu Ram</td></tr></tbody></table><p>The key components - mPay app, card reader and a self-service merchant portal combined together make any merchants card acceptance more simple, secure and affordable. Features like multi language interface (app in 7 languages), maintaining and managing customer data, downloading reports, viewing transaction details, tip collection and pre-authorization all help scale merchants business and improve customer retention.<br><br>The 'mPay' app has been developed after thorough research & careful understanding of various businesses. Various technologies work in the backend to make mPOS transactions happen in the real time. Transactions through mPay are secure and no data is saved in the app or the smartphone/tablet. The passwords used are also not stored either on the smart phone or on the card reader. When you enter the password during the transaction they are encrypted and then sent over to complete the transaction.Android devices with 2.3.3 and above versions can use mPay but for security purpose rooted Android devices cannot use mPay.The portable card reader has undergone rigorous testing and development, making it a highly secure and compliant device with all the latest security requirements for mobile payment solutions. Every transaction performed on the card reader is 100 per cent safe and secure. Certifications include PCI PTS V3.0, UKCC, MasterCard TQM, EMV Level I & II.<br><br>With the proliferation of smartphones, merchants can now quickly transform their smart devices into a smart mPOS solution that can create a more personalized, convenient and memorable shopping experience for their customers. It also gives them the edge to stay competitive and achieve operational efficiency.<br><br><em>The author, Prabhu Ram, is managing director and chief strategy officer at Paynear Solution</em></p>
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