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MasterCard Partners on New POS System

M1—in collaboration with CIMB, MasterCard and Wirecard—has launched a new mobile point-of-sale (mPOS) solution that transforms smartphones and tablets into terminals. These terminals can accept credit, debit and prepaid card payments from customers anytime, anywhere. According to M1, the introduction of the M1 mPOS solution will offer merchants the benefit of a simple, safe and secure payment experience for their customers without the need to purchase, set up, and maintain a traditional POS terminal. Startups and businesses on-the-move will especially benefit from the mobility of the mPOS solution which allows it to accept payments anywhere with a wireless Internet connection. How does an M1 mPOS work? The M1 mPOS solution comprises of a physical card reader or “dongle” that can be connected to any compatible Android smartphone or tablet, transforming it into a mobile point-of-sale (POS). For the device to work, users must register for the M1 mPOS solution online. The detachable mPOS device can decrypt information from both the card’s EMV chip and magnetic stripe, so visitors holding foreign-issued cards without EMV chips will also be able to pay using the M1 mPOS device. To verify the transaction, the smartphone screen then turns into a signature pad for customers to electronically sign for their purchase.

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