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Commercial Bank has announced the launch of mPOS (mobile point of sale), a new way of accepting payments specifically designed to support merchants’ growing use of mobile devices. |
Commercial Bank EGM and head of Retail and Enterprise Dean Proctor said, “In today’s economic environment, retail businesses are looking for secure, easy, and portable ways to confidently accept payments beyond just cash and promote their business to a broader customer base. With Commercial Bank’s mobile Point of Sale (mPOS) solution, we are making it even easier for business owners to accept secure payments anywhere.”
Proctor explained that the new mPOS solution was designed specifically for smaller businesses, allowing merchants to use their mobile phones as a point of sale device to accept debit and credit card transactions.
mPOS transforms mobile phones into a highly-secure card acceptance device using a Commercial Bank mPOS application and a pocket-sized device that facilitates magnetic stripe and “chip & pin” transactions.
Proctor also stressed that Commercial Bank “continues to pioneer innovation-led banking solutions.” With mPOS, merchants of all sizes can now accept and process payments anytime, anywhere, he added.
In addition to supporting all types of cards such as magnetic stripe and chip & pin cards, Commercial Bank’s mPOS solution also provides a merchant portal for online control of payments and reporting.
mPOS is also a cost-effective way for merchants to increase customer loyalty by accepting a wider range of payments, thereby lowering the cost of cash handling and the cost of expanding their terminal network.
“The launch of Commercial Bank’s mPOS solution is set to transform the payments industry in Qatar and coupled with Commercial Bank’s unrivalled market leading position in the retail and commercial acquiring space, we are confident mPOS will be well received by our partners,” Proctor said.
He added, “We are currently in our pilot phase and delighted to confirm that a number of our retail partners have already signed up to launch this exciting new product early in the new year and we fully expect to continue rolling this out further in the coming years to more of our existing merchant partners, as well as new ones.”
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