Sagicor Bank launches SWYPE for mobile payments
Sagicor Bank Jamaica Limited has fielded a mobile point-of-sale device which can be used by merchants and small business persons on the go, potentially widening the market for cashless transactions.
SWYPE, the new mobile device, is cheaper and likely to reach a wider market, said Sagicor Bank CEO Chorvelle Johnson on Thursday.
The card reader can be paired with a smartphone or tablet to process credit and debit card payments. Johnson did not disclose the investment in the device, saying it was confidential.
Cashless trade is on the increase, with the Bank of Jamaica reporting in its 2017 annual report that point of sales transactions processed on POS terminals grew in volume to 14 million, valued at $78.6 billion.
While it is not the bank's first POS device, Johnson says it is the first mobile point of sale (MPOS) device in Jamaica.
"SWYPE can be used by any micro, small, medium or large business that is looking for a convenient and secure payment solution for cashless sales," she said.
"For example, a large distribution company with sales agents or a food stall operator could use this device to increase their earning potential by accepting card payments. Individuals can also apply for SWYPE; however, specific terms and conditions apply."
Subscribers to the device will pay a fee per transaction, which the bank CEO said would be applied at a "low rate", as well as a monthly rental fee. The rental is automatically deducted from the merchant's account at the beginning of every month, said Johnson.
Through the new MPOS device, she added, "the bank has an opportunity to reach new market segments, as SWYPE has levelled the playing field for businesses of all sizes to increase their revenue streams".