Indian Overseas Bank (IOB), the public sector bank, has entered into partnership with Skilworth Technologies to launch a mobile Point-of-Sale (mPOS) solution under the brand Bijlipay. The mPOS solution is targeted at small and medium enterprises across the country.
The Bijlipay mPOS solution has been tested by several merchants across multiple categories and a large-scale roll-out is expected soon. This rollout would include local kirana shops and other delivery based businesses.
Recently, the bank has posted over two fold jump in its net profit to Rs 271.72 crore as compared to Rs 125.79 crore for the quarter ended June 30, 2013. Its total income has increased by 1.57% to Rs 6284.69 crore for the quarter under review from Rs 6187.15 crore for the corresponding quarter of the previous year.
