The move means eWAY merchants — of which there are currently 20,000, from tradies to market stalls — can accept online payments anywhere.
Matt Bullock, eWAY founder and chief executive, told The Australian merchants would no longer need to purchase, set up, and maintain a traditional eftpos terminal, while online retailers who wished to open physical stores could use the mPOS for an omnichannel payment solution.
Mr Bullock said he decided to build an mPOS device on a recent trip to San Francisco, and has had 40 people working on the project full-time for months.
“I looked at the mPOS solutions that are out there in the market, and they’re really good at just doing one thing,” he said.
“If you look at NAB’s mPOS for example, it processes that payment but that’s really all it does. It doesn’t really link to anything.”
The eWAY product is integrated with Xero, Shopify and Salesforce, and is compatible with tap and go, which has become popular in Australia.
The device will also accept card payments, including Visa and MasterCard, as well as eftpos.
According to Mr Bullock, eWAY currently accounts for 25 per cent of all online payments in Australia, and the latest move will allow the 20-year-old firm to move more businesses into the mobile payments space.
“Australian businesses have recognised the benefits of going cashless, such as convenience and security,” he said, adding that “42 per cent of all face-to-face transactions are processed using eftpos cards, and by using our mPOS solution, SMEs will be able to sell up to 42 per cent more”.
“The eWAY mPOS solution is the most convenient and cost-effective way for lean and mobile retailers such as pop-up stalls, tradies, and small businesses to accept card payment anytime, anywhere,” he said.
The device, which costs nothing upfront, is priced at 1.95 per cent per transaction, and will be available in coming weeks.