How does payPLUS work?
Apparently, the solution offers a standard app + card swipe. That is, the participating merchants will be offered a mini card swiping attachment that can be mounted atop a phone, while the application will handle the encrypted payment processing. However, the company seems to have taken into consideration the rural & semi-urban demographics & come-up with a solution that will support elementary or feature phones as well.
Hence the product should have a wide acceptance range shared Srinivas Nidugondi, Head – Mobile Financial Solutions, Mahindra Comviva, “We have built this solution for retail chains, the insurance sector, supermarkets, restaurants and any business that has mobility as a driver for retail sales. With the growth of cashless transactions globally, this solution would contribute in accelerating the shift towards cashless economy”
What’s the benefit for merchants?
mPOS solutions are many. In fact, companies like Square, Paytm, Mswipe, MobiKwik, & a few others already have a solution ready that additionally have some field-testing done. Owing to their time advantage, these companies now have adequate idea about the market dynamics & requirements of the merchants. Under such competitive circumstances it could be challenging for payPLUS to make a mark.
However, there is an additional advantage that could swing the merchants in favor of payPLUS. Besides supporting card and other form of payments at the POS and/or cash register, payPLUS will empower merchants to deliver promotional campaigns with offers that include ad based discounts to customers. Additionally, these campaigns can be tailored based on the location / proximity by leveraging location-based processes & services.