OMA Emirates, a technology-centric company took over mobile payments solution provider MobiSwipe recently. Though the acquisition amount is yet not disclosed, it is said to expand OMA Emirates’ overall services and solutions portfolio in the Middle East, Eastern Europe, and the APAC regions. This is yet another prominent announcement made by Mobiswipe after the company raised funds from One97 Mobility Fund, back in 2012.
Niranj Sangal, Group CEO, OMA Emirates Group, commenting on the acquisition said,
In keeping with OMA Emirates’ expansion plans into new geographies and our experience in POS Management across Middle East, it was important for us to add an mPOS solution to the existing portfolio. The new investment in MobiSwipe provides us a stronger platform to broaden our set of business solutions and services.
Mobiswipe was established by duo Harmeet Singh Arora and Suresh Santhanaramakrishnan in 2011. The platform allows merchants to accept credit and debit card payments by using mobile phones as point-of-sale terminals. Moreover, merchants can even link a pocket-sized reader to the MobiSwipe app via Bluetooth to carry out payments.
Suresh Santhanaramakrishnan discussing the recent take over said,
The mobile payment market is witnessing a surge and Mobiswipe’s acquisition by OMA Emirates will definitely give it the right impetus of growth. Alongside this acquisition will ensure that MobiSwipe makes the right international progress.
With the population moving towards mobile payments post the demonetization; it seems to be a great step for United Arab Emirates-based payments solutions provider OMA Emirates. The addition of MobiSwipe’s mPOS solution will facilitate OMA Emirates client service. It can now offer the capability of managing both credit and debit card payments via a simple mobile application.
Compliant with PCI-DSS and PA-DSS, the mPOS solution can be reached through an Android smartphone or tablet. On further loaded with the MobiSwipe application, as well as connected to an EMV certified pocket-size card reader, it increases the solutions aptitude to a great extent. Talking about the functionality, MobiSwipe mPOS typically integrates with the merchant’s existing POS backup database to retrieve and validate invoice details. Niranj further added,
The new solution will help us provide our merchants with a wholesome mPOS ecosystem that is a combination of mobility, payment and business processing across all sales channels.