HNB introduces 'MOMO'
Merchants who are unable to afford regular point of sales devices which demand stable flow of usage and a fixed telephone connectivity can obtain a MOMO. MOMO is cheaper and smaller but connects using the 3.5 mm earphone socket of any mobile phone that runs on Android, iOS and Java platforms. In addition to the MOMO device, an application needs to be installed in the mobile phone.
"HNB MOMO is equipped with EMV technology for chip based card acceptance, most probably the 1st in the Asia Pacific Region. Further, this product is with multiple layers of security. Card details are being encrypted at the hardware level and another encryption is done at application level. Each merchant with a HNB MOMO device will be given a user ID and a password. A particular HNB MOMO will only be registered to a specific phone," added Mangala Wickramasinghe, Head of Card Business and Electronic Delivery - HNB.
MOMO will target from three wheelers to boutique shops up to any large scale business such as home delivery, supermarket chains, clothing stores. Also it will bring convenience to professionals such as lawyers and doctors. After each successful transaction the vendor and the card user will receive an SMS stating details of the particular transaction.
"E-Commerce is experiencing a massive transformation to support consumers who are shopping on a variety of channels and devices. We trust HNB MOMO is the most convenient and cost effective way to accept credit or debit cards," said Mangala Wickramasinghe.
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