According to the press release, mPOS solutions are no longer ‘alternative’ payment solutions. The market is expected to achieve a compound annual growth rate of almost 20% between 2021 and 2027, with many merchants not only adding these solutions to their business, but even replacing their traditional POS systems with mobile terminals.

Hello Pay’s new mPOS device is positioned to help merchants, from small traders to SMEs, be a part of tomorrow’s business landscape today. The product’s features are guaranteed transaction security with complete payment certifications, several payment functionalities: Magnetic strip, EMV chip & pin, contactless/NFC and QR code, it supports 1D/2D barcode and receipt printing, and has 4G/3G/2G, Bluetooth, and Wi-Fi connections.

In one 2020 survey, 87% of retailers agreed that mobile payments provide a seamless and frictionless checkout experience that can improve cash flow. And 89% of respondents also said that the biggest benefit to using mPOS is its cost-effectiveness. This is often surprising to entrepreneurs and SMEs, for whom traditional POS systems are costly and out of their reach.

According to the Payments Association of South Africa (PASA), businesses often do not account for all the costs associated with accepting cash payments, including the risk of theft, leakages, infrastructure costs for safes and tellers, and the costs associated with depositing this cash. These indirect fees make the true cost of cash for small businesses approximately 3.4%. Not to mention the inconvenience and risk of transporting and depositing cash. This risk is eliminated with mPOS systems.

Consumers, too, operate under this misconception. The same PASA report says cash costs the average SA consumer 2.4% of their gross income, and this burden rises to 4.1% for lower-income South Africans. Hello Pay says it is committed to help lift this strain on businesses and consumers through its offering.

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