A new payment system is launching in the UK that will enable companies of all sizes to accept credit and debit card payments through their mobile phone.
mPowa is a service that includes a mobile phone app and a reader which connects to a smartphone or mobile device either by plugging into its headphone socket or via Bluetooth. It enables customers to make payments on the go using their card.
The mobile app is free to download on iPhone, iPad, Android, Windows and Blackberry devices and functions as the control centre that accepts the payment. It monitors payments made by card as well as cash and cheque, as well as processing each transaction securely.
The reader, when connected to a mobile phone, is used to swipe the magnetic strip of the card, or for the chip and pin device, the card is inserted and the customer is prompted to enter their PIN code. mPowa will enable businesses, including sole traders, to take payments immediately without waiting for invoices to be issued and paid.
Both the mobile app and reader are free and the only cost associated with using mPowa is the small 25p or 0.25% fee charged for each credit or debit card payment processed, making it accessible to all businesses. And because it accommodates existing banking relationships, there’s no need for a business to change its banking details to use the service.
Serial entrepreneur Dan Wagner, chairman and CEO of Powa Technologies, the company behind mPowa, said, ‘We created mPowa as a response to an age-old problem that needed a solution – a universal payment system that will enable anyone to accept money from customers without excessive costs or waiting times. Whether you’re a large enterprise looking to mobilise your sales team, a market trader, or a local plumber who wants to accept payment on the spot, even from customers who don’t have cash to hand, this is a unique offering that will have a huge impact right across the country.’