The payments industry is undergoing some significant changes as of late. O2, best-known for its telecommunication operations across the world, is venturing into the mobile point-of-sale market. The company is tackling the Czech Republic market first, thanks to a partnership with Wirecard.
In this day and age of innovation, mobile devices are playing an increasing role of importance. Financial institutions have taken it upon themselves to create mobile banking apps for their customers. But other players are emerging in this space as well, and several initiatives are targeting mobile point-of-sale devices.
O2 Is More Than A Telco
As consumers use their smart devices for nearly everything, the mobile payments market is set to explode exponentially. Getting the payment terminals up-to-date to accept this new medium of money transfer is a top priority. The Czech Republic is an exciting region in this regard, thanks to new regulation for retailers to conclude payment transactions online.
In fact, the Czech Republic is one of the first European countries to shift to online and mobile spectacular fashion. All of the retailer payments will be forwarded to the national tax office. This allows government officials to review revenue and ensure no tax fraud is taking place.
This change in regulation has attracted the attention of telecom operator O2. The company has partnered with Germany-based Wirecard to offer a new mobile point-of-sale system to retailers. This tablet-based fiscal tilt system – called eKasa – will be compatible with both mobile and credit card payments.
WireCard will be processing all of the payment transactions and provide technical support. O2 will use the company’s mobile point-of-sale SDK to customize the look and feel of this solution. It is not the first time the telco provider ventures into the financial sector either. In May of 2016, the company partnered with Fidor to create a new digital bank in Germany, called O2 Banking.
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