Visa and Network International unveil mobile POS terminals in UAE
- United Arab Emirates: Wednesday, December 19 - 2012 at 14:22
- PRESS RELEASE
Visa, payments technology company, has announced the launch of mobile Point of Sale [mPOS] terminals in the UAE, an innovative and low cost initiative that has the potential to facilitate fast and secure card payments and grow the footprint of card acceptance across the country.
"The launch of mobile Point of Sale terminals is an important part of our long-term strategy to facilitate mobile payments," explained Marcello Baricordi, General Manager - UAE for Visa and Global Accounts Lead MENA.
He further said, "The new initiative offers convenience, mobility and security to a wider base of our cardholders, revolutionizes our customer experience and enables merchants to have new options for sales transactions on the go. We are committed to bringing new ways to pay to the UAE in an effort to expand the reach and acceptance of the internationally trusted and secure Visa network."
He added, "Working closely with Network International and Synergistic Financial Networks enables us to provide our cardholders and client banks a secure, reliable and globally accepted form of payment through mobile devices. The mPOS terminals are the first to be EMV Chip and PIN compliant whereas other markets have only the Swipe version in use. The new mPOS payment facility has the ability to transform the revenues of smaller businesses and traders in a big way. By way of this launch, we see a huge opportunity to be at the forefront of mobile payment services."
In the UAE, mobile POS acceptance is being pioneered by leading payment solutions provider Network International in partnership with Synergistic Financial Network and is being piloted with two establishments that are involved with home delivery of food.
These mPOS terminals called Mosambee, the first-of-their-kind in the country, are EMV compliant - a global standard for inter-operation of integrated circuit cards and integrated card capable POS terminals, for authenticating credit and debit card transactions.
"As a leading payment solutions provider in the UAE, Network International is constantly on the lookout to provide both its merchant and issuing partners with innovative solutions that are at the cutting edge of the industry," said Bhairav Trivedi, CEO, Network International.
"We are pleased to be working with Visa on this exciting project which will transform the payment industry and open up fresh business avenues for our merchant partners," Bhairav added.
Mosambee is an mPOS product developed by Synergistic Financial Networks, India and is being launched in the UAE and other parts of Asia with active support from Visa and will soon expand to other regions.
Mosambee's EMV project in UAE was undertaken by teams in UAE and India under the guidance and direction of Alok Arora, the CEO of Synergistic Financial Networks. The company's Regional Head for MENA, Aditya Anand, has been instrumental for this project right from the outset to its fruition.
Alok Arora added, "By offering this new era of mobile POS terminals, we have plugged an important gap in the payment ecosystem. Easily compatible with mobile devices, Mosambee offers the highest levels of security, unmatched reliability and performance. Mosambee and Visa are pioneering the use of card payments in situations where cash was the only option. Together we expect to change the way card payments are made in the region."
The mPOS devices are compliant with EMV Chip and PIN security standards. This level of transaction authentication is considered the most secure form of transaction security and meets with the strict standards employed by Visa.
"This is truly an important event for UAE and our region as it is for the first time within Asia Pacific, Central Europe, Middle East, Africa and the Americas that a full Chip and PIN capable mPOS device is being launched," explained Mohanish Agni, Head of Acceptance - MENA for Visa.
For merchants and card payment processing banks, it is a cost-effective option with mPOS terminals costing less than 10% the price of traditional terminals which are about Dhs1,200 to Dhs2,000. The innovative mPOS terminals will open new areas of card acceptance like home delivery or cash on delivery and are ideally suited for businesses such as fast food, groceries, online retailers and the like.
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