O2 has launched a new mobile payments service for small businesses, allowing them to take credit and debit card payments through their mobile phone or tablet.
The new mobile point of sale service (mPOS) works by connecting a small chip and PIN accessory to a device via Bluetooth. A free app manages the payment transaction and sends a customer a receipt via email or text message. The app is available on Android and BlackBerry with an iOS version coming soon.
James le Brocq, managing director of O2 Money, said: 'At O2 we understand the importance of the mobile device in digital payments. Our new mPOS service has the ability to transform the revenues of smaller businesses and sole traders by offering their customers the ability to pay with Visa or MasterCard credit or debit cards as an alternative to cash.
'mPOS is the latest addition to our portfolio of financial products and services which includes mobile insurance, tablet insurance and more recently, O2 Wallet, an innovative new service designed to digitise your physical wallet onto your mobile.'
Chris Davies, MD of Global Payments, said: 'We are excited to be working with O2 on such an innovative product and we’re really looking forward to working together to provide SMBs with access to new payment opportunities.'
Sandra Alzetta, senior VP of mobile at Visa Europe said: 'This latest innovation is an exciting partnership for Visa, O2 and Global Payments. We want to unlock the value of electronic payments for smaller retailers - by getting this device into the hands of tradesmen, home-based businesses and market stall operators, we believe we can help them sell more products and services to consumers who forgot to withdraw enough cash.'
Editor: Graeme Neill