Nedbank unveils tap-on-phone functionality

Tap on phone makes it easier for small- and medium-sized businesses to use their compatible smartphones to accept payments from their customers for goods or services. Due to the Covid-19 pandemic facing the world we have all been sensitised to the need for social distancing, which has impacted all areas of our lives, including how we transact on a day-to-day basis. The tap-on-phone functionality enables contactless payment acceptance and there’s no health risk to the merchant or customer.

The tap-on-phone functionality builds on Nedbank’s PocketPOS payment solution, which was also the first mobile card reader of its kind to be launched in South Africa in 2013

Tap on phone uses the same strong security as physical payment terminals and meets Mastercard and Visa requirements. The security is further enhanced by the fact that customers do not have to hand over their physical bank cards to a merchant when paying.

Tap on phone is the result of a collaborative partnership between Nedbank, Mastercard, Synthesis, and iVeri. The tap-on-phone functionality aligns with Mastercard’s commitment to delivering quicker and more accessible payments, without ever sacrificing security for convenience.

The tap-on-phone functionality is currently in pilot phase and has been provided to a selection of Nedbank merchants including individual and business clients. This client base will be increased during the second half of 2020, after which the technology will be made available to all Nedbank clients and third-party application developers.