The newly launched mPOS solution will let merchants use their smartphones or tablets in tandem with a pin-enabled card reader, as a mobile point-of-sale (mPOS) solution.
MobiSwipe is currently in the process of raising new funds and is in talks with three-four investors to raise around USD 5-7 million in its Series A round of funding. The company expects to close the round by Q1 2015.
The new mPOS card reader can connect to smartphones and tablets via Bluetooth and has an integrated LCD display and a pin-pad for PIN entry. The device can accept chip and magnetic stripe cards and is compliant with EMV, RBI and PCI standards.
According to MobiSwipe, it has already deployed its mPOS solution to approximately 100 retailers and enterprise merchants. The company has unveiled that it will market this product to large SMEs and enterprises, and will also create a platform for enterprise-to-consumer payment collection. Currently, the company is targeting merchants in categories like doctors, home delivery, ecommerce companies, hotels, radio taxis, theatres and hotels and restaurants among others.
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