Singapore’s SCCP Launches Mobile Card Reader: Swiff
SCCP Payment Services Co-founder and CEO Jerome Cle says Swiff will be a player in the expanding mobile payments industry.
Mobile payments in Asia Pacific are projected to rise to US$267.8 billion by 2016, backed by the rapid acceptance of mobile banking services across the region. There is a high demand in the market for mobile payment solutions which seamlessly plug into any existing eco-system of banks, merchants and customers. Today, Swiff is unique in its ability to do so.
Like its competition, Swiff is fully encrypted and attaches to the mobile device via the appropriate port. Like Square, GoPayment and Here, it supports iOS and Android, but Swiff reps say they will add Windows Mobile (WM) and Research in Motion (RIM) support pretty soon. The device is free, but users have to fork out US$60 for authentication and $3 license fee per user. No news on the transaction fees though.
Swiff went on soft launch in June last year, beta-tested by Singapore merchants and banks such as HSBC. Chief Operating Officer Etienne Van den Bogaert says Swiff will take on the world.
Key markets for us include the F&B sector, telecommunications, logistics and hospitality, as well as the millions of businesses throughout the world, including developing economies, that have traditionally been locked out of the lucrative credit card transaction market due to high cost of implementing a credit card terminal.
Analysts see the mobile payments sector growing as smartphones and tablets become more sophisticated and networks get faster. Paying or accepting payments for goods and services using your mobile phone will be more common in the coming years for developed countries. The emerging markets will not be far behind, so expect even more innovative solutions in mobile payment market.