This is big. Square competitor mPowa will launch its payments device in South Africa after inking a multi-million dollar deal with banking giant FNB.
The deal is the first for the UK-based company, which is now offering its mobile card reading device as a white label solution. While the exact terms of the deal are unknown, mPowa says that it is in the “multimillion pound” range.
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Under the terms of the deal, FNB will integrate mPowa’s hardware into existing merchant services (which also include mobile GeoPayments), with its own branding.
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