Powa Technologies Ltd. brought its mPowa mobile card reader into the U.S. market last year, looking to take on Square in what had become a highly competitive market. The London-based company plans to extend its international expansion to India as well.
MPowa CEO Dan Wagner could not be reached for comment, but stated in a press release that his company "expects to roll out our offering on a wider scale and enable businesses to benefit from our product."
The mPowa card reader enables merchants to accept credit and debit card payments using their smartphones and Bluetooth technology. The reader accepts mag-stripe cards, but works with a separate chip-and-PIN device.
India has 600 million active mobile phone users and the subscription base is growing rapidly, the company says.
Indian companies such as PayMate India Pvt. Ltd., Mswipe Technologies Pvt. Ltd., Ezetap Mobile Solutions, and iKaaz Software Ltd. are likely to also increase emphasis on mobile commerce in the country.
MPowa likely will be hoping to avoid any legal matters in India after dealing with a cease-and-desist request from Square Inc. related to mPowa's alleged use of an identical photo as Square on its website to illustrate the mobile card reader.
MPowa recently signed a deal to supply its devices and payment infrastructure to First National Bank in South Africa.