U.K. mobile payment startup mPowa says it’s going after the mobile payment business of established companies and corporations that don’t currently have the means to accept payment outside the office.
“Our main focus are those businesses who already take cards but lack the mobile point of sale facilities to make transactions on the go, the Whirlpools or charities of the world,” said mPowa CEO Dan Wagner in an interview with TechCrunch. Those comments inspired a fitting simile from the news outlet: “like Square but for corporations.”
The mPowa payment acceptance device works on every major smartphone platform, including iOS, Android, BlackBerry and Windows devices, and is capable of processing payment from chip-and-pin payment cards. And mPowa's fees are competitive: the startup takes just 0.25% from every debit and credit card transaction processed.
In addition to the mobile platform mPowa uses, the company also offers a web-based account management system, called Merchant Dashboard. And Wagner says the company is already working on providing white-label services to companies in, for example, the mobile carrier space.
Wagner has enjoyed prior success as an entrepreneur: his first venture, called Marketing Analysis & Information Database, was eventually sold to Thomson Reuters for $500 million.