O2 UK has launched a new Mobile Point of Sale service that enables retailers to accept card payments on a smartphone or tablet. The service, which is called mPOS, has been created in partnership with Visa Europe and Global Payments.
Retailers buy a £150 chip & PIN keypad that connects via Bluetooth. A free app then manages the card transaction and sends a receipt.
mPOS is currently available on Android and BlackBerry, with an Apple iOS version expected soon. Credit card transactions are charged at 2.95% of the total value, while debit card transactions are 75p each.
James le Brocq, MD of O2 Money, said “At O2 we understand the importance of the mobile device in digital payments. Our new mPOS service has the ability to transform the revenues of smaller businesses and sole traders by offering their customers the ability to pay with Visa or MasterCard credit or debit cards as an alternative to cash. mPOS is the latest addition to our portfolio of financial products and services which includes mobile insurance, tablet insurance and more recently, O2 Wallet, an innovative new service designed to digitise your physical wallet onto your mobile.”