Mobile money provider Monitise PLC has announced that it will be joining the still-growing mobile point-of-sale market with the launch of a new white label solution. Monitise mPOS will be sold to financial institutions, mobile operators and acquirers looking to offer their business customers the ability to accept credit and debit card payments using mobile devices.

"While mobile is changing the payments market, mPOS is a fast-growing area within the payments ecosystem and financial institutions are ideally placed to capitalize on it," said Monitise Chief Commercial Officer Lee Cameron. "In order to do this they must build upon existing revenues and relationships and offer a competitive proposition to merchants, which can be scaled easily to meet future business and consumer needs."

The Monitise mPOS solution can be offered on its own, integrated into other mobile services or even rebranded by FIs. With it, providers can offer a competitive processing service to their merchants, Monitise said. The solution also offers features like real-time bank reconciliation, cash flow management and an overview of recent transactions.

The solution itself includes chip-and-PIN or chip-and-signature processing as well as processing cards with mag stripes. It includes a Bluetooth-connected card reader and works across all major smartphones and tablets, Monitise said.

"Monitise mPOS is a complete solution that stretches beyond basic card acceptance which is — whilst a vital part of an mPOS offering — only one piece of the puzzle," Cameron said. "Monitise mPOS is a gateway to a fundamental shift in how merchants can service their customers."

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