Spire Payments has partnered with Wirecard to deploy India’s first chip and PIN mobile point of sale (mPOS) solution in the Chennai area, promoted by Bijlipay for Indian Overseas Bank (IOB).
Spire is supplying over 7,500 PosMate Smart chip and PIN mPOS devices to IOB in Chennai, as the first phase of an aggressive roll-out plan aimed at the micro merchant sector which has previously never accepted card payments. Most of the initial deployment will be aimed at taxi drivers.
IOB’s business has more than doubled over the past four years, helped by its adoption of technology innovation within India. The Bijlipay mPOS proposition will be promoted via its network of more than 3,000 domestic branches.
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.