Nearex specializes in mobile payments and mobile points of sale (mPOS) systems for developing markets. Its product, called Xip, is designed to work with mobile money service providers (MMSPs) to enable cashless transactions between consumers and merchants. The system consists of a contactless card for consumers (XipTAG), an mPOS system for businesses (XipPOS), and a mediation and web server (XipMS) that handles connection to the mobile money system, security, and administration.