Mobile payments via smartphone already play an important role in India today. Many Indians are not connected to the banking system because they live in rural areas where there is no branch network. It is often difficult for the traditional banking sector to adapt to these conditions. At the same time, India is the second-largest communications market in the world, as mobile phones are common in even very remote villages.
Since July 2014, the Wirecard Group has enabled payment acceptance via smartphone at mobile point of sales (mPOS) in these areas. The solution is known as “Bijlipay” in India and came about as a result of a collaboration with Skilworth Technologies Private Limited. A smartphone or tablet can be adapted to function as a till system, enabling mobile payments at the mPOS for customers wishing to pay using a credit or debit card via a card reader.
Wirecard’s mPOS system explained: the merchant enters the sum to be paid in the Bijlipay app on the smartphone or tablet and the customer pays by credit or debit card via the card reader. The customer authenticates the sale with a PIN or signature and can then opt to be emailed a receipt once the transaction has been processed. All data are encrypted. The merchant has an overview of all transactions on the smartphone or tablet, which in practice functions as a sort of till.