MPowa, a payment service which will enable credit and debit transactions from a mobile device, is launching in the UK. MPowa consists of a free downloadable app, available on iOS, Android, Windows and Blackberry, which acts as a control centre for accepting mobile transactions.
The service has a reader connecting to a smartphone or mobile device via headphone socket or Bluetooth. The reader can swipe the magnetic strip of the card when connected to a mobile phone and the customer is then prompted to enter their PIN code. mPowa will enable businesses, including sole traders, to take payments without having to wait for invoices to be issued and paid.
“We created mPowa as a response to an age-old problem that needed a solution – a universal payment system that will enable anyone to accept money from customers without excessive costs or waiting times,” says Dan Wagner, chairman and CEO of Powa Technologies. “Whether you’re a large enterprise looking to mobilise your sales team, a market trader, or a local plumber who wants to accept payment on the spot, even from customers who don’t have cash to hand, this is a unique offering that will have a huge impact right across the country.”
The launch of the service is a response to the many businesses struggling with bad debt, reported to be £35.5bn owing to SMEs (Small and Medium Entreprises) in the UK alone. Last year, small and medium firms reported waiting an average of 30 days longer than agreed payment terms.