South African bank mobilising merchant services

Details: James Barton; Category: Mobile Finance; 04 October 2012; 6974 views

South Africa’s First National Bank is planning to introduce a mobile payment device that will complement its merchant services...

South Africa’s First National Bank is planning to introduce a mobile payment device that will complement its merchant services. The device is being readied following an agreement between the bank and mobile payments firm mPowa.

Using a free mobile phone app and a reader which connects to a smartphone or mobile device via the headphone socket or Bluetooth, mPowa enables companies and individuals to accept card payments from their customers on the go in a quick and convenient way.

The bank will embed the mPowa tools and software into its merchant services, allowing the look and identity of the card service to be tailored to the customer, while maintaining sophisticated functionality.

Dan Wagner, Chairman and CEO of mPowa, said, “[The deal] will enable [First National Bank] to mobilise thousands of their business customers which in turn will allow them to be much more flexible in how they do business. In today’s marketplace, nobody wants to be tied down to a fixed location.”

Jacques Celliers, CEO of FNB Business Banking added, “We have recognised the need to support our merchants’ desire for mobility and convenience. Thousands of our small business clients are in the services industry and a fixed merchant device is not of much use to them. This new technology promises to allow our customers to accept card payments anywhere, anytime.”