Turkish fintech startup ininal prepares to launch a Square-like POS device

ininal-mobil-pos-sanal-posininal, an increasingly popular fintech startup in Turkey, is preparing now to launch a mobile POS device that is used with smart phones very much like Square. The company has not officially announced the product, but it has already started collecting pre-orders in its pages for corporate clients. Istanbul-based company aims to become an important player in virtual POS market in Turkey.

ininal mPOS is a card reader that connects easily to smartphones (currently only on iOS). All credit and debit cards will be processed both inside and outside of the merchant point via the compatible smartphone.

Instant money transfer

Backed by undisclosed European investors last year, ininal’s new mPOS product is planned to become a strong alternative in POS landscape by offering an instant payment transfer solution for the merchant. There is no detailed information about the system on the website, but we have learned that the commission rate will be around 3%.

The company aims to deliver over 100K mPOS device in next couple of years. It claims having distributed around a million cards half of which is active.

The company says it has passed TRL100 million transaction volume threshold in November 2014.

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