European mobile payments firm mPowa eyeing Indian market
UK-based mPowa Technologies Ltd, which provides mobile payments solution mPowa, is looking to expand into India as it sees strong demand in the region.
The company expects the Indian market to be one of the fastest adopters of its mobile payment technology.
“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,” said Dan Wagner, chairman and CEO of mPowa.
Headquartered in London, mPowa enables sellers to accept credit and debit card payments using their smartphones. Its point-of-sale (PoS) device facilitates plastic payment on the go with the help of a mobile phone app and a reader which connects to a smartphone or a mobile device via Bluetooth. This can be either a magnetic stripe reader, which can be plugged into the phone’s headphone socket, or a chip & Pin device, launched recently.
The chip & Pin is the brand name adopted by the banking industries in the UK and Ireland to roll out the EMV (Europay, MasterCard and Visa) smart card payment system for credit, debit and ATM cards.
mPowa was set up by serial entrepreneur Dan Wagner. The company claims that its chip & Pin technology has replaced outmoded magnetic swipe readers in the UK, Europe and Asia. The company expects that other markets like the US will also migrate to its new technology soon.
In 2013, mPowa looks to take a commanding share of the $15 trillion global credit and debit card acceptance market. It has recently signed the largest deal in its sector worldwide to supply its devices and payment infrastructure to First National Bank in South Africa.
Experts predict that 2013 will witness the eruption of the mobile payments industry as an appetite grows for payment solutions on the move. mPowa will look to take advantage of the fact that it is located at the confluence of four significant markets – global e-commerce (worth $317 billion), credit and debit card acceptance ($15 trillion), global retail ($12 trillion) and global SaaS ($10 billion).
mPowa’s plans to foray into India also show the massive opportunities that the market offers to mobile payment solutions providers. India has 600 million active mobile phone users and the subscription base is growing rapidly. Indian companies such as PayMate India Pvt Ltd, Mswipe Technologies Pvt Ltd, Ezetap Mobile Solutions, iKaaz Software Ltd, etc., also look to tap this vast market.
(Edited by Sanghamitra Mandal)