Mobile Credit Card Payment Service Targeting Enterprises
Along with Square and Here from Paypal a new mobile credit card payment service has been introduced by mPowa, a UK-based startup. As opposed to Square and Here, mPowa is targeting large enterprises rather than small businesses and merchants. The CEO and founder of this new technology stated to the press that “Our main focus are those businesses who already take cards but lack the mobile point of sale facilities to make transactions on the go, the Whirlpools or charities of the world." By covering a wide array of platforms (iOS, Android, Blackberry, and Windows) this new technology is able to achieve mass coverage.
The great thing about this device is that it can take payments in any currency and even process checks! However, while Square doesn't seem to be a current threat right now, it may be in the future. Square already takes on $6 billion dollars in transactions every year and it can be expected that it will start to move towards targeting large corporations in the future. It seems as though mPowa already has the competitive advantage anyway because they only takes a commision of 25 cents per transaction, while Square takes 2.75% per transaction.