Technology & ProductsIndian Overseas Bank set to overhaul micro-merchant payments in Chennai

Indian Overseas Bank set to overhaul micro-merchant payments in Chennai

Taxi drivers and micro-merchants in the Chennai area of India will soon get a serious upgrade when 7,500 PosMate Smart chip and PIN mPOS devices are made available to them via the Indian Overseas Bank (IOB).

Taxi drivers and micro-merchants in the Chennai area of India will soon get a serious upgrade when 7,500 PosMate Smart chip and PIN mPOS devices are made available to them via the Indian Overseas Bank (IOB).

This is the first time that mPOS solutions will be offered to merchants of this type in Chennai.

The project is the brainchild of payments innovators Bijlipay, which opted to partner with mPOS device makers Spire Payments to help it roll out its low cost card acceptance platform. The third player in this partnership is Wirecard, which has developed an Android smartphone app that can pass transaction payment information securely to from the point of sale device to its own payment processing platform before linking to the IOB’s acquiring infrastructure.

IOB, which has actively sought to adopt more innovative technologies, has seen its business more than double in the past four years. It now has over 3,000 domestic branches, giving widespread reach to the Bijlipay scheme.

Kazem Aminaee, CEO and President of Spire Payments, said of the company’s involvement in the project: “Spire Payments is delighted to have been selected by Bijlipay and IOB bank to provide the region’s first mPOS solution. Working closely with partners such as Wirecard and Bijlipay is key to our rapid expansion plans in this market sector, which continue to go from strength to strength. ”

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