From pushcart vendors to home bakers, more small businesses can now accept cashless payments with M1 mPOS
Partnership led by telco M1, with CIMB Bank, MasterCard and Wirecard, taps into global trend towards simple, safe and secure card payment anytime, anywhere
Singapore, 19 June 2015 – The new mobile Point of Sale (mPOS) solution, launched today by M1 Limited (M1), in collaboration with CIMB, MasterCard and Wirecard, transforms smartphones and tablets into terminals that allow merchants to accept credit, debit and prepaid card payments from customers anytime, anywhere.
The M1 mPOS solution is designed to meet the needs of traditionally cash-based small businesses, startups, and ‘on-the-go’ enterprises such as push-cart vendors and small cafes, to allow them to offer their customers the convenience of card payment.
The introduction of the M1 mPOS solution will offer merchants the benefit of a simple, safe and secure payment experience for their customers, without the need to purchase, set up, and maintain a traditional POS terminal. Start-ups and businesses on-the-move will especially benefit from the mobility of the mPOS solution which allows it to accept payment anywhere with a wireless Internet connection.
In addition, the M1 mPOS solution allows the merchant to easily track and view all transactions through the mobile app and online web portal, making monthly sales reconciliation simple. Receipts are also generated electronically and can be emailed to the customer to reduce the business’ carbon footprint.
The M1 mPOS solution, tied to a M1 data-bundled mobile plan, is chargeable at $5.35 per month (inclusive of GST), and merchants will receive a free card reader to enable them to start accepting card payments immediately. There is no minimum monthly transaction commitment or deposit required, and merchants will enjoy attractive rates for transactions and daily payment settlement.
Interested merchants can apply for M1 mPOS online at www.m1.com.sg/mPOS. Upon approval, expected within two working days of registration, the merchant can visit any M1 Shop nationwide to collect their M1 mPOS card reader, and download the mobile app from the Google Play to activate it. M1 mPOS is available immediately for Android smartphones and tablets, and for iOS devices soon.
The offering is timely, given the surge in small businesses in Singapore. The appeal of being one’s own boss, coupled with strong government support, has seen close to 12,000 sole proprietorships registered since April 2014[1]. Globally, mPOS solutions have grown in popularity over the past few years as the benefits of electronic payments have become more apparent. A May 2013 report from Timetric forecasts that by 2017, the adoption of mPOS terminals over standard POS terminals globally will be 46%, as opposed to the 17% that was seen in 2012. Over the forecast period of 2011 to 2017, mPOS terminal adoption worldwide is expected to increase from 4.5 million to a staggering 38 million by 2017, with a forecast CAGR of 42.7%, largely driven by growth in the retail sector, increased online trade and more smartphone and card users. As the top market in the world for smartphone adoption[2], Singapore business owners are expected to easily transition to using their smartphones or tablets to accept card payment.