Home bakers and other small businesses can now accept cashless payments

SINGAPORE — Traditional cash-based small businesses, startups and ‘on-the-go’ enterprises are now able to accept cashless payments with the new mobile Point of Sale (mPOS) solution launched today (June 19) by M1 Limited (M1).

In collaboration with CIMB, MasterCard and Wirecard, the M1 mPOS solution allows merchants ranging from pushcart vendors to home bakers to accept credit, debit and prepaid card payments from their customers easily.

Merchants will receive a physical card-reader or “dongle”, which needs to be plugged into their phones to accept card payments immediately. After the customers make their selection of the items they want to buy on the phone, they will have to insert their cards into the “dongle” and the screen will display a signature pad for customers to electronically sign for their purchase. Once completed, an electronic receipt is generated on-the-spot, which can be emailed or printed.

Currently, this service is only available on Android smartphones and tablets, with availability on iOS devices soon.

Tied to a M1 data-bundled mobile plan chargeable at $5.35 per month, no minimum monthly transaction commitment or deposit is required. Merchants will also get attractive rates for transactions and daily payment settlement.

Business owners can register for the service online at www.m1.com.sg/mPOS. Upon approval, they can visit any M1 shop islandwide to collect their M1 mPOS card reader, and also download the mobile app to activate it.

The M1 mPOS solution “offers 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”, the joint news release said. As long as there is a wireless Internet connection, merchants can accept payment anywhere.

Mr Willis Sim, chief product development and corporate solutions officer from M1 said: “We want to bring the benefit of card payments historically enjoyed by larger retailers to Singapore’s smaller, but no less enterprising, merchants and service providers.” JEAN KHOO