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  Mr. Christo, you say that you are launching MyPOS in the Czech Republic.  Will you have an office here and a local language website?

Yes, launching myPOS in the Czech Republic for us means to have a completely localized product. The website as well as the terminals and all user documentation are translated into the Czech language. Also myPOS can operate with the Czech koruna.

The distribution strategy of iPay is to work with partners and to sell directly to end clients, therefore we do not need an office to sell the product. Nevertheless, iPay does not exclude the idea of having an office in the country in the future to work closely with the partners.

Where else in Central Europe do you operate at the moment?

myPOS has a successful presence throughout Europe, including Austria, Bulgaria, Croatia, France (including Guadeloupe, Martinique), Germany, Greece, Italy, Malta, Netherlands, Spain, Switzerland and the UK.

Headquartered in Luxembourg, iPay has started the distribution of myPOS packages first in the countries of the Eurozone, enjoying fast penetration and success due to the benefits of the single currency market.  For the rest of the EU market we have to localize the product to support not only the local language but also the local currency, therefore it takes a longer time. 

Currently myPOS is actively distributed in the above-mentioned countries and we are ready to start in Poland, Czech Republic, Hungary and Romania. The market entry in the rest of the Eastern European countries is planned to be completed before the end of the year.

If any of our readers are interested in becoming a distributor, what will they need to do, and what is required from them?

iPay welcomes companies from every business strata to leverage their ideas and know-how in order to become distributors.  myPOS is a universal product with a very large customer base and our experience has shown that the first ones becoming distributors share the inevitable market success of the myPOS solution. iPay partners enjoy unmatched opportunities for business growth, sales increase and new customer acquisitions. If a company wants to become a distributor of myPOS, they may contact us at:

We can imagine that MyPOS could be very popular in this country, particularly for smaller traders.   Can you explain the methodology of a MyPOS transaction?

iPay’s mission is to redefine card acceptance in order to eliminate the traditional burdens of the card payments industry. Having the advantage of issuing E-Money accounts, it therefore breaks the barrier of having a bank account in order to accept payment transactions.

The myPOS Package offers a free myPOS E-Money Account, a Payment Terminal and a free myPOS Business MasterCard Card.

In order to resolve the cash flow problem of small retailers, iPay provides the unique advantage of instant settlement. On one side, the retailer accepts a card transaction on its myPOS terminal and once the transaction is approved, the fund is instantly settled to the retailer’s myPOS account.

How safe is the MyPOS transaction – i.e. if a customer pays a retailer with a card, how long does it take for the retailer to receive the funds and is there any charge to the retailer (or customer?)

The myPOS Service is unique in the sense that iPay offers instant settlement to the retailer. If a customer pays a retailer with ANY bank card if the transaction is approved, it is instantly settled to the merchant’s myPOS Account.  The retailer has to pay only the usual transaction fee applicable for its market.

In addition, funds in the retailer’s account are instantly accessible via his free myPOS MasterCard which is included in the package to make POS transactions, ATM withdrawals and Internet transactions.

How long has MyPOS been trading and where is it most successful?

The myPOS Service was officially launched at the Mobile World Congress in 2014 in Barcelona and it has been a success in all the countries that it has entered ever since.

What are the long-term plans for MyPOS in the Czech Republic, and what percentage of the payment card market share are you aiming for?

We believe that myPOS has a huge potential because it is a very competitive product that provides an affordable alternative to conventional offers from the existing players on the market. Based on our experience from the other markets where it has been accepted very well we believe we shall have similar great results in the Czech Republic, becoming the first choice product for SMEs.

The growth of non-cash payments in the Czech Republic is not going to slow down. With more and more cards in the market, the demand for payment terminals will increase as well. Card acceptance products should become more affordable for the merchants to enable more market penetration.

The main focus of iPay is to penetrate the niche of the market which is currently not accepting card payments with the myPOS Service. The official statistic of ECB shows that there are 21 million SMEs in the EU and 9 million installed POS terminals. Our forecast for the next 2-3 years is that there are huge opportunities for growth to be made within this segment and we aim to achieve it together with our distributors.

If you had to sell MyPOS to our readers in just one sentence, what would you say?

Being such a great product with many unique features it is hard to summarize everything in just one sentence, but if we have to, it should be the following:

“Buy myPOS, activate it and start using it immediately; on the go or in the store whenever you want to improve your cash-flow and stay independent with no monthly fees or other fixed charges.”

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