The United Bank of Africa has moved to strengthen its presence in the e-banking sector by launching the popular mobile Point of Sale (mPOS) terminals, through a new move where it has entered into agreements with several mPOS service providers across the continent.
Aimed at providing an easier and more secure way and working the same as the traditional POS present in business stores and outlets, the mPOS terminals are expected to enhance mobility in business transactions as well as provide a more cost effective solution.
In the current mobile-first world where most people are opting for mobile payments as opposed to the traditional cash payments that has become a burden and increased theft cases, mPOS promises to increase sales and expand customer base.
“mPOS is just one of our many e-banking innovations. We have driven other initiatives such as the acceptance of international cards on our POS terminals that are also enabled for Dynamic currency conversion,” said Kennedy Nzioka UBA’s CEO Africa.
This mobile Point of Sales are usually most suitable for small businesses as they provide an easy way to record sales automatically and instantly on the retailer’s system, allowing for reliability, accountability and transparency which are vital in business transactions.
The system can also be necessary for firms and corporations that use physical collection of fees through agents positioned for field assignments, such as delivery companies that have a pay on delivery kind of arrangement.
Before these new mPOS terminals went live, UBA relied on their Dynamic Currency Conversion POS systems that allow for anyone with whatever currency to view their transactions in their own currencies.
Also some of its POS systems provide for various value added services such airtime top up, payment for utility bills as well as Cable TV subscriptions in select countries.
UBA has expressed hope that this new introduction of mobile POS will provide businesses with a better option of receiving payments and avoiding losses that come with traditional ways of handling cash without electronic receipting.
“Existing large retailers are also adopting Mobile POS solutions and integrating them into their current point-of-sale environment to enhance the retail and payment experience,” added Nzioka, commenting on the importance of the mobile POS solutions.