phos enables users to receive payments directly on an NFC-enabled Android device. bunq will deploy the phos solution so that customers can replace physical POS terminals or cash with a software-based POS, via their phones or other Android devices.
During the initial phase of the scheme, bunq will offer this new feature to its retail merchant customers across its European markets, including Belgium, France, Germany, Ireland, Italy, the Netherlands, Portugal, and Spain.
phos’ technology also allows merchants to accept contactless payments on their own mobile devices without the need for additional hardware. This can be easy to set up and it can reduce costs for merchants compared with other digital payment solutions.
If the trial is successful, phos’ technology will be fully incorporated into the bunq app for the use of its retail customers, with a view to the solution being rolled out across more markets and customer segments in the future. The project will rely on Paynetics, an e-money institution with licence across the European Union, as the acquiring bank.
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