How Is MPOS Shaping Our Country’s Payment System?

At present in India, digitisation and cashless payments are becoming popular for making payments. The nation is moving towards becoming an economy based on plastic-money, one that is non-corrupt and totally devoid of black money. However, even this transition is facing some hiccups, the most pertinent one of them being the absence of digital payment methods.

The Problem – Absence of Digital Payment Methods

There are some business owners and shopkeepers who are finding it hard to keep up with the changing trend. The reason is simple. These shop owners still rely on the traditional method of cash-based transactions. This gives way to a two-way issue.

First being, inconvenience to the customer. Given that most customers now receive salaries directly in the bank accounts, they prefer to pay via debit or credit cards, and hence avoid going to the shops where they need to pay in cash. The second issue here is the unsatisfactory experience that customers face. More often than not, when a customer visits a retailer who only accepts cash, the customer is required to face a long queue or worse, a horde of other customers to compete with. In such a situation, it becomes highly likely for the customer to change his decision, and abandon the idea of making a purchase altogether.

The Solution – MPOS

The solution to the above-mentioned problems is both, simple and affordable, and is known as MPOS. A MPOS or a Mobile Point of Sale device is essentially a wireless, portable device that enables all types of cashless transactions. Not only is it much more affordable than a fixed Point of Sale system, but also ensures the utmost convenience to customers. Let us understand the benefits of MPOS in greater detail.

  • Affordable – Thanks to its fairly low price of Rs. 4,500 offered by Payworld and easy availability, even small merchants and retailers can easily have access to this revolutionary device.
  • Handy – Owing to the fact that the MPOS are wireless in nature, it can easily be taken from one place to another. Moreover, its compact size makes it extremely easy to store it in a drawer, or carry it around in a small satchel or backpack.
  •  Card Payments – MPOS devices are equipped with a scanner for the digital strips of debit/credit cards and hence can conveniently accept digital payments.
  • Paperless – The moment a payment is received by the MPOS, customer receives an instant SMS for the transaction made.
  • Doorstep Payments – For customers who indulge in online shopping, but don’t have the know-how of online payments, MPOS has come to act as a boon. Thanks to the portability of these devices, an e-commerce business can now easily accept digital payments while delivering the shopped items to the customers, right at their doorstep.
  • Mini ATMs – For what they’re worth, MPOS devices can act as Mini ATMs and help the customers withdraw money from their bank accounts with the help of ATM/Debit Card. This transaction helps the retailer to earn a commission, hence calling for a complete win-win situation.

 

The Potential of MPOS in India

For a country which experienced over 865.9 crore (source: wikipedia) digital transactions across all banking platforms, in the year 2016-2017, it wouldn’t be wrong to say that the potential for MPOS in India is exemplary. For what it’s worth, MPOS devices are now being considered as the fastest moving trend in retail, after the advent of the internet.

With the Government of India showing utmost seriousness about making India a less-cash economy, it is only just to say that the demand for MPOS will grow exponentially in the coming years.

It is in line with this growing demand for mobile payments, that India’s leading assisted wallet company, Payworld has introduced Payworld MPOS / Mini ATM devices which are readily available for the retailers across the nation. The reasonably low prices of the Payworld MPOS / Mini ATM device and low monthly charges will prove to be a driving force in India’s journey towards digitisation of transactions.

For more details about MPOS / Mini ATM device, please sign up here: bit.ly/PwSignUp

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9 Replies to “How Is MPOS Shaping Our Country’s Payment System?”

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