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MobiSwipe Gets Funding From One97. Aims To Offer Multiple Mobile Payment Options
Mobile Point of Sale (PoS) company MobiSwipe Technologies, has managed to secure financial support from One97 Mobility Fund. Though the exact quantum of investment has been kept under wraps, the company aims to expand scale of operations & offer customized solution to partner merchants. Vijay Shekhar Sharma from One97 will join founders Suresh Santhanaramakrishnan and Harmeet Singh Arora on the company’s board.
Started just a year back MobiSwipe is working to eliminate the need to carry cash for transactions at merchants & shops. Using mobile phones & tablets, the company is coming up with ways to offer high level of customization & flexibility which many other contemporary solutions lack. MobiSwipe currently offers an integrated mobile PoS & mobile payments solution, allowing merchants to integrate Invoicing with their ERP systems in real time. In simple words, orders can be amended securely, even at the time & location of exchange, using only the equipment at hand. These changes are updated immediately at the back-end.
The company is in talks with merchants & hardware manufacturers to finalize specifications for the specialized handheld terminals which the sales representatives will carry. A while ago we had witnessed a unique venture wherein tablets were used to enhance sales in rural areas. Such systems could truly benefit these endeavors.
How does the company earn?
Interestingly, the company doesn’t sell its solutions; neither does it charge a monthly rental from the participating merchants. In a strategic move MobiSwipe charges a small per-transaction fee which is flexible depending on the size of the merchant & volume of business generated.
Despite the efforts to innovate this segment, MobiSwipe will have to work harder to fend off competition & enhance market share. Another company, Ezetap, is working in the exact same sphere. Additionally, global giants like Groupon, Square, PayPal & others are working hard to attract customers & users.
There’s no doubt Mobile Based payment systems are witnessing a revival. The question is; will people let go of their dependence on physical cash?
Image Courtesy | yourstory.in
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2012-11-22 09:40:14
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