FNB planning to deploy mobile payment devices - report

South African financial services firm First National Bank (FNB) could be partnering up with UK-based hardware and software company, mPowa, to deploy mobile phone payment devices to customers.

According to Techcrunch.com, FNB is considering deploying mPowa’s services by integrating its hardware and software into its existing merchant services. These services could have FNB’s own branding and look, according to the website.

With mPowa’s device, merchants or retailers who currently use FNB’s paypoint service may be able to download an app to a smartphone or tablet, and then plug in a dongle into a device that allows them to take payments for goods and services via their handsets or tablets.

FNB, though, has reportedly said that the deal is still being structured.

But this hasn’t stopped mPowa’s founder and chief executive officer, Dan Wagner, from telling TechCrunch that the FNB deal could be rolled out to “thousands of their business customers.”

“This deal validates our white label strategy, which in itself is a vital part of how we plan to take hold of the global mobile payment market,” said Wagner in a statement.

Accordingly, mPowa’s big target market is the group of smaller merchants that currently do not accept card payments, however working with banks the company plans to extend the ability to take payments with mobile devices.

“We have aggressive growth plans and are looking to rapidly increase take-up of our service as more companies capitalise on the business benefits that mPowa delivers,” Wagner concluded.