VPOS by Virtual Card Services – New opportunities for business on the go

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A Virtual Card Services and Master Card initiative was recently launched in South Africa that has all the conventional potential to change the dynamics of the market. VPOS is the Virtual Point of Sale that is made for virtual payment solution using the digital payment platform of the Master Card. This payment system makes the mobile phone as the Point of Sale and there is no better safe, convenient and easier payment solution so far in the international market. A connected smartphone becomes the point of sale for the merchant and the consumers start paying from the MasterPass, a digital wallet created by the system.

Why VPOS?

Business is no longer confined to the big corporates. The merchants and the small enterprises are doing business on the move and thus payments on the move have become very important. The traditional payment system through the Electronic Fund Transfer or Cheques may not hold relevance here and thus a payment system is required, that is easy, portable and at the same time secure as well. The VPOS is an exact replica of the requirement and thus fits in for all the merchants who want transaction on the go. The VPOS from the Virtual Card Services is preferred basically for three important reasons over Mobile POS:

• The VPOS reconciles the Value Added Tax and the payment as well.
• It is easier and consumes lesser time than Mobile POS devices.
• It is affordable than Mobile POS.

How to use VPOS?

The concept and the innovative approach have already made the merchants excited and delightful. There are two sides of the operations for VPOS, one with the merchant side and another with the consumer.

Merchant

In order to sign up for the service, the merchants or the small businesses need to apply for the facility directly at the Virtual Card Services. The VPOS app can then be downloaded directly from the Google Play Store or from the Apple Store. As the transaction process begins, they need to enter the amount on the app. This will generate a MasterPass Quick Response Code or QR. It will be visible on the Merchant’s device.

Consumer

The consumer can download the MasterPass App from the Google Play Store of Apple Store. They can register and load their credit, debit and even cheques of any bank in the digital wallet. All they have to do is to scan the QR code from the device of the merchant from the MasterPass App. The consumer can select any of the payment methods just with taps and then provide the security code for the cards for security reasons. The transaction will be made from the Consumer’s account to the Merchant’s account.

Future of VPOS

The VPOS has seen the light in South Africa but the significance and the importance of the payment service are global. Developing countries where the startups and the localized merchants are trying to make money, VPOS can be a blessing.

To know more and gain deeper understanding of mobile payment industry in South Africa, click here.