Mobile payment processing companies have been steadily growing both in the United States and in Europe paving the way for the future market of the new global payment technologies. According to the ABI Research, the installed base of mobile point-of-sale devices is set to increase fivefold over a five-year forecast period, reaching the 51 million mark in 2019, or 46 percent of the overall POS market. Square Inc., being the leading player in the market, generates about 30 billion dollars in revenues annually, but with a great market share it is enduring some issues with Starbucks, and has little presence on the Asian market. In 2014, there were over 400 million people only in Indonesia, Philippine and Vietnam, but only 50,000 mPOS terminals, according to Dinh Xuan Tung, CEO of the ibox Vietnam subsidiary.
In Asia, small business is typically represented by a large number of cafes with two or three tables and tiny convenience stores, which are often owned by women working hard to earn additional income to support their families. Mark-up there is usually lower than in retail stores. In the Philippines, there are over 1 million of such stores, so called sari-sari stores, and some 600,000 in Vietnam. It is not American micro-business, the merchants at such small stores are often poor people without any financial training.
Considered the tendency, mPOS projects are usually conducted in a close partnership between a fintech startup and a bank (for example, iZettle – Santander, iZettle – Nordea, etc), and an in-house practice is not a common thing for banks. New fintech start-ups looking to take advantage of the hype and potential mPOS uptake to establish themselves in a market still evolving and in its infancy. For that reason ibox company was established.
ibox is mobile acquiring and payments platform. The company offers a comprehensive product set covering all of the needs (payments and document processing) of both commercial retail and mobile merchants (mPOS, ePOS, Pre-order for HoReCa) – mostly small and midsize businesses.
The products set includes:
- iboxKasa – a complex solution allowing small businesses and the storekeepers to keep tabs on their goods, income, expenses as well as installment payments with the use of tablets and Android smartphones. It will basically do all for $3 a month.
- iboxStart – designed as an affordable, out of the box card processing system for small enterprises, allows local companies to receive card payments even if their monthly turnover is less than $1,000.
- iboxPro was originally designed for insurance companies’ agents. It has the function allowing to accept both card and cash payments, but also offers forms for the agents or couriers to document purchases and report them to their company’s head office. This helps companies keep detailed and accurate sales data.