UK firm Monitise has launched a white-label service that enables banks, mobile operators and acquirers to offer their customers the ability to accept card payments on a mobile device.
Additional features include real-time bank reconciliation, cash flow management and an overview of recent transactions.
The service includes a physical card reader into which a consumer’s credit card is entered. The reader connects to the merchant’s smartphone or tablet via Bluetooth. The customer can either enter their PIN via the card reader or digitally sign on the screen of the mobile device.
Initial deployment of the white-label service will be in Europe and Canada (although not the US). UK mobile operator Telefonica O2 will offer the services to its business customers.
Monitise’s chief commercial officer Lee Cameron explained how the company planned to expand its range of services for merchants in the future. He listed proximity payments, geo-location services, mobile quotes and invoices, offers and loyalty, till and stock management and P2P payments.