Barclaycard has announced the launch of its mobile point of sale (mPOS) system, entering into an increasingly crowded market.
Barclaycard Anywhere incorporates a secure chip and pin entry device which attaches to a smartphone or tablet running a purpose-built application. Payments made through the mPOS system are processed using a 3G or WiFi connection, with customers receiving a receipt via email or text.
Barclaycard Anywhere also offers a reporting feature which allows business users to track transactions via their mobile app or secure online portal. This provides visualisations of key indicators such as payments trends, sales performance and other business intelligence.
The mPOS system is targeted both at allowing small merchants to take secure ‘on-the-spot’ payments, as well as larger enterprises with mobile sales forces.
”Security, speed, ease and cost are key concerns for all businesses, whatever their size, so these were our main considerations when we developed Barclaycard Anywhere,” said Paulette Rowe, Barclaycard’s managing director of global payment acceptance.
She added: “Having easy access to invaluable management information through the mobile payment app will enable time-poor business owners and staff to quickly learn about their customers’ spending behaviour. The insights they gain and the time they save can be directly invested into making their businesses more successful.”
Barclaycard Anywhere will face competition from a number of rival mPOS systems available on the UK market. PayPal launched its PayPal Here system last year, joining others including mPowa, Payleven and iZettle, which received €5 million (£4.2 million) investment funding from Banco Santander. Lloyds Bank has also partnered with payments software provider Monitise for its own mPOS system.
Payments provider Barclaycard, which processed £254 billion worth of payments in 2013 for 35.5 million customers, said the mPOS system will be made available from spring 2014.