More small businesses can now accept cashless payments with M1 mPOS

mPOS was launched by M1 Limited in collaboration with CIMB, MasterCard and Wirecard.

The mPOS solution was designed to meet the needs of traditionally cash-based small businesses, startups, and ‘on-the-go’ enterprises such as push-cart vendors and small cafes, to allow them to offer their customers the convenience of card payment, M1 said in a statement.

It 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.

M1 Chief Product Development and Corporate Solutions Officer, Willis Sim said the group wanted to bring the benefit of card payments historically enjoyed by larger retailers to Singapore’s smaller, but no less enterprising, merchants and service providers.

"Thus, we worked with our partners CIMB, MasterCard, and Wirecard, to develop the innovative plug-and-play mPOS solution, the most convenient and cost-effective for lean and mobile retailers, to accept card payment anytime, anywhere,” he said.

Mak Lye Mun, Country Head of CIMB Group Singapore and Chief Executive Officer of CIMB Bank Singapore said: “We are proud to be the acquiring bank, supporting M1 with its nationwide mPOS roll-out and making card payment on-the-go, a solution that is widely accessible by business owners and corporates in Singapore."

Besides offering the convenience and flexibility of cashless mobile payment, he said CIMB Bank hoped to bring greater value to businesses with a holistic banking solution when they signed up for a CIMB account.

The M1 mPOS solution, tied to a M1 data-bundled mobile plan, is chargeable at S$5.35 per month (inclusive of GST), and merchants will receive a free card reader to enable them to start accepting card payments immediately.

There is no minimum monthly transaction commitment or deposit required, and merchants will enjoy attractive rates for transactions and daily payment settlement.