Mobile payment solutions are not a long term solution. In fact, they can be detrimental to the growth of the mobile payments market in India. The key reason for this is that they require merchants to invest in hardware and software specifically designed for mobile payment acceptance, which is expensive and time-consuming. This means that the merchants will need to invest in hardware and software whether or not they intend to accept mobile payments. In addition, merchants may choose against accepting mobile payments as it is often slower than card transactions or cash payments, or because of security concerns.
What is a Long Term Solution?
A long term solution is one that does not require merchants to invest in costly equipment and software, nor does it require them to take any risks at all when accepting mobile payments. A long term solution requires no additional investment on the part of the merchant at all but instead grants him complete control over how he accepts mobile payments. The merchant has complete flexibility to accept mobile payments at any time, and the customer can pay using any payment method he chooses.
A Long Term Solution for Mobile Payments
In order to create a long term solution for mobile payments, the merchant is required to have a mobile application that will provide all of the functionality of a traditional point of sale (POS) system, but with no additional investment or risk. The merchant also has complete control over how he accepts mobile payments and can do so at any time he chooses. The mobile application should provide the same functionality as a traditional POS system would, but without requiring any additional hardware or software on the part of the merchant.
This type of solution can be achieved in one of two ways:
The first option is to use an existing POS system that has been developed by another company or company consortium. These systems are available in many countries and most have been developed independently by different companies and companies from different countries. These include:
The second option is to develop your own mobile POS system from scratch based on open source technology such as Android or iOS SDKs, which are free and easy to use. These tools are available for free online at the following websites:
The following is an example of a mobile payment application for small businesses, which integrates with a traditional POS system. This example uses an Android SDK and is written in Java programming language.
Q. Why would a merchant want to accept mobile payments?
A. There are many reasons why a merchant may want to accept mobile payments. The most common is that the merchant is unable to accept payments via other methods, or simply prefers it and wants to avoid the security risks associated with card transactions.
Q. Who is eligible for this solution?
A. Merchants should be eligible for this solution if they are unable to accept payment via POS, or do not want to invest in POS systems in order to avoid the risk associated with such systems. This includes brick and mortar businesses that do not have credit card readers or other hardware devices that can read cards at their premises, such as restaurants and retailers of all kinds who do not have similar equipment available for use at their business premises, etc… This solution can also be used by any business where a traditional point of sale (POS) system would be too expensive due to equipment costs and software costs.
Q. How much does it cost to implement?
A. This solution is free for the merchant and requires no additional investment on his part (other than a mobile device). It does require that the merchant have a POS system that is compatible with this solution, but this can be purchased from a variety of companies and is relatively inexpensive.
Q. What kind of mobile device will work?
A. Any mobile device that is compatible with the operating system of the device that the merchant uses to access his POS system. The solution is designed to be compatible with all versions of Android, but there may be some features that are not available in all versions.
Q. Will this solution work without a POS?
A. This solution requires no additional equipment other than a mobile device capable of accepting payments via NFC (Near Field Communication) technology, which is available on many devices now. This includes devices such as smartphones, tablets and netbooks, etc… It also requires no additional software installation or configuration on the merchant’s computer other than having an internet connection and being able to access a web browser (including the ability to use HTML5).
Q. How many merchants have signed up for this solution?
A. As of May 2013, over 200 merchants have signed up for this solution and are actively using it in their businesses in Canada and around the world.