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LifePay starts distributing mini-terminals for accepting payments on smartphones
sixteen.01.2021 [03:43],
Sergey Karasev

Lifepay started to distribute portable terminals for accepting payments from chip plastic cards making use of smartphones to a pilot Russian band of customers free-of-charge.

The Lifepay platform provides for the use of two primary elements: a compact audience and a unique mobile application. Replacement audience for obsolete and bulky POS terminal connects to iOS or Android smartphone via sound interface. The application form is used to control payments, confirm transactions and view information regarding finished transactions.

Card info is encrypted at the standard of your reader (card reader). Lifepay business records that the security of operations complies utilizing the requirements associated with the worldwide PCI DSS standard as well as the rules of the international payment methods Visa and MasterCard. The payment is created in a few minutes, together with cash is credited towards the account within 2 days. The percentage is 2.7%.

Taxi drivers, couriers of online retailers, workers of small service companies and shops already use mini-terminals to withdraw funds from cards, but without chips. On top of that, you can find already about 30% of processor chip cards in Russia, and in the long run all commercial finance companies are going to be obliged to fully switch to such cards.

Relating to marketplace individuals, at the conclusion of 2021 there are 20-25 thousand. mini-terminals, but a maximum of a third of these are definitely made use of. Potentially, the domestic marketplace of mini-terminals is all little and medium sized businesses, including trade and solutions, which will be at the very least 0.7-1 million gadgets. The transition from paying exclusively in money to accepting cards by 15-30% escalates the turnover of goods and services in shops, experts say.