Mobile

Mobile POS Services Skyrocket

Mobile POS activity is soaring, with about 1.2 million MPOS having been shipped to MasterCard merchants globally, according to a new report from Ovum Consulting and Mahindra Comviva.

“In a world of anywhere commerce, the point of sale is fundamentally changing. It is moving from traditional checkout lines to wherever the customer may be: shopping on the Internet, walking a store’s aisles, traveling or lounging on the beach,” said Srinivas Nidugondi, Senior Vice President and Head, Mobile Financial Solutions, Mahindra Comviva. “The implementation of mPOS solutions is not without its challenges and technology executives must work together to select an mPOS solution that can play well with existing back-office systems, adapt to rapid change, and meet the expectations of a new breed of the connected shopper.”

The report argues that early mPOS growth was driven by adoption among micro-merchants and, although that is still an important segment, there are further opportunities for mPOS with larger merchants. MPOS allows larger merchants to create efficiencies and enhance the in-store shopping experience for consumers, as well as to equip their field sales force with an integrated payment capability. Another benefit to all merchants, big or small, is the ability of mPOS solutions to gather customer data. Sophisticated analytics can sift through payment transactions and make recommendations to merchants like optimal inventory, ordering cycle or even to customers based on buying patterns and preferences.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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