BPI arms entrepreneurs with mobility, turning smartphones into POS machines

MANILA, Philippines -- Recognizing the growing adoption of the mobile lifestyle, the Bank of the Philippine Islands (BPI) is arming modern-day entrepreneurs with a technology that can turn smartphone and tablet devices into point of sale (POS) machines.

BPI's latest Mobile Point-of-Sale (mPOS) is a smartphone and tablet application that gives entrepreneurs a more mobile alternative to credit card terminals.

The mPos allows business owners to accept credit card payments with their iOS and android devices. It works with a small attachable device where credit cards can be scanned.

The technology uses WiFi and mobile connections like the LTE, 3G, EDGE, and GPRD. The mPOS currently accepts cards that carry the VISA and Mastercard brand and will soon accept ATM cards.

By downloading the mPOS app and attaching a specially-designed dongle onto the device, a smartphone or tablet is transformed into a business transaction device.

Ginbee Go, BPI's Senior Vice President for Cardbanking, said with mPOS, businesses no longer need a wired connection nor the space to store the  old hefty credit card terminal.

"mPOS transforms your iPhone, iPad, or Android phone or tablet into your very own credit card acceptance terminal," Go said, adding mPOS serves as an alternative for start ups and small businesses who would like to expand how they accept payments without the need for a bulky and wired credit terminal.

"During a transaction, customers will be asked to sign using the smartphone or tablet," Go said.

BPI mPOS will not dispense paper receipts but instead will email the customer a receipt of their purchase. The application does not save credit information within the devices. It complies with PCIDSS and PADSS that assure its users of their privacy. BPI mPOS also does not work in jailbroken devices.

Currently, BPI mPOS supports selected business owners for its soft launch. Other merchants can avail of the application soon through Appstore and Playstore. There is also a Blackberry version being developed.

And in order to show its efficiency and other functions, BPI went live with the mPOS during the recent weekend market of Cucina Andare by Mercato Centrale, held at the Glorietta 3 Park in Makati City.  

Kay Dela Paz, Vice President of BPI, said with the onset of mobile networks via 3G/GPRS, the mPOS is designed to work seamlessly via wireless networks.

"Not only is it easy to use, mPOS does not require the business to maintain a minimum volume of transactions so they can keep using the service once they sign up" Dela Paz said.

The BPI executive explained small and mobile businesses can benefit from accepting credit cards via mPOS in a number of ways.

Dela Paz claimed accepting cards will enable an increase in sales.

"It has happened so many times that a customer walks away from a purchase because the vendor has not stocked up enough change in coins and smaller bills. By accepting credit cards, customers will now have an alternative to cash payments," Dela Paz said. "Also, it is much easier to up-sell because credit cards increase the customer's capacity to buy."

She added mPOS enables vendors to store a soft copy of credit card purchases and thus improves record keeping.

Dela Paz also noted accepting credit cards minimizes pilferage as cash-on-hand is lessened. BPI credits previous day sales to the vendor's bank account on the next day so sales are secured safely in their accounts.

"We recognize the ingenuity of the Filipino entrepreneur and this is our way of enabling start-ups to grow their businesses further" Dela Paz said.