Spire Payments will supply Indian Overseas Bank with more than 7,500 mobile point of sale devices in its mPOS deployment in the Chennai region of India.
The deal is the first phase of a planned rollout aimed at micro merchants in India, initially taxi drivers, Spire stated in a Sept. 24 press release.
Bijilpay, a Chennai-based payments company, chose Spire's PosMate Smart chip-and-PIN devices to help it launch a low-cost card acceptance platform for merchants. Bijilpay provides merchant boarding, hardware provision, daily settlement of transactions and customer service for the system.
Wirecard developed the smartphone application to route secure transaction information to the PosMate Smart device, Spire said. It also links to the bank's acquiring infrastructure.
Indian Overseas Bank has more than 3,000 domestic branches at which to promote the Bijilpay mPOS service, U.K-based Spire said.
Spire's PosMate Smart works on Android, Apple, Blackberry and Windows systems. It also handles online and offline chip-and-PIN configurations as well as magnetic-stripe transactions.
In April, Spire expanded its operations into Eastern Europe through the acquisition of payment application developer
