UK company Powa Technologies Group, which has partnered with SA banking group FNB to develop a mobile payments device, has completed its\u00a0first round of outside funding\u00a0totaling $76 million.<\/p>\n
Powa creates technology which allows consumers and businesses to make transactions through mobile devices.<\/p>\n
The group says it will use the money to expand its base globally, including South Africa.<\/p>\n
In October 2012, Powa signed a deal with South African bank FNB to offer its payment device in the country.<\/p>\n
The device, mPowa, works by using a free mobile phone app and a reader, which connects to a smartphone or mobile device by plugging into its headphone socket or connecting via Bluetooth.<\/p>\n
It enables companies and individuals to accept card payments from their customers on the go in a quick and convenient way. The mobile app is free to download on iPhone, iPad, Android, Windows and Blackberry devices and functions as the control centre that accepts the payment.<\/p>\n
FNB said that the agreement involves the bank embedding the mPowa tools and software into its own merchant services.<\/p>\n
The bank remains coy over a launch date, however. “We are in the final stages of certification and design and will soon be active with the product in the coming months,” it said.<\/p>\n
Nedbank has already launched a\u00a0mobile point-of-sale solution in February, called PocketPOS, claiming a first for South Africa.<\/p>\n
The mobile POS solution enables businesses to process debit and credit card transactions by using a smartphone connected to a secure card reader.<\/p>\n
And in November 2012,\u00a0Absa<\/a>\u00a0announced that it had entered into an agreement with\u00a0Thumbzup<\/a>, a South African payments company, for its plug-in device called \u201cThe Payment Pebble\u201d.<\/p>\n Absa said that it is set to provide its Payment Pebble as a value-added service to all small business owners and merchants on-the-go from early 2013, however the group is yet to launch its product into the market.<\/p>\n Absa expands mobile NFC trial<\/strong><\/a><\/p>\n FNB teaming up with mPowa for mobile payments<\/strong><\/a><\/p>\n \u00a0Absa intros mobile card payments for small business<\/strong><\/a><\/p>\nMore on SA banking<\/h3>\n