FNB teaming up with mPowa for mobile payments
FNB has concluded talks with UK-based mPowa in a white-label deal to bring dongle mobile payments to South Africa.
mPowa is a multiplatform mobile payments service which allows payments to be made through smartphone and tablet devices.
The service is used via a reader dongle which plugs into the devices, connecting via bluetooth.
It enables companies and individuals to accept card payments from their customers on the go, interacting with the mPowa app which is available on Android, iOS, BlackBerry and Windows.
The agreement will involve First National Bank embedding the mPowa tools and software into FNB’s merchant services, which will enable the bank to tailor the look and identity of the card service.
“The South African economy requires an entrepreneurial culture to be incubated and supported from all stakeholders,” said Jacques Celliers, CEO of FNB Business Banking.
“Thousands of our small business clients are in the services industry and a fixed merchant device is not of much use to them. This new technology promises to allow our customers to accept card payments anywhere, anytime.”
“It could mean the difference between success or failure for many of them,” he said.
The exact terms of the deal are still under wraps, but according to a TechCrunch report, its value is reportedly in the “multimillion pound” range.
FNB would not provide a launch date for the new technology, but said to expect it “in the coming months”.
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