According to the official press release, the cloud-based point-of-sale (POS) payment app developed as a result of this partnership can help Singapore businesses accept contactless payments on Android devices.
The app will reportedly be the first to integrate tap-to-pay and QR payments in Singapore and is anticipated to enable businesses to accept popular digital payment methods in-store on their Android devices.
More precisely, the partnership makes it possible for any compatible Near Field Communication (NFC)-enabled Android device to act as a contactless payment terminal that can support tap-to-pay card payments and QR payments. The introduction of this alternative to traditional point-of-sale (POS) systems is expected to eliminate the latter.
Some of the payment methods supported are cards, mobile wallets, and real-time payments. Furthermore, the payment channels it supports include card schemes such as Visa and Mastercard, as well as QR payments (PayNow, GrabPay, Alipay, WeChat Pay).
The introduction of this new solution comes as a response to a wider trend towards digital payments in Asia in general and Singapore in particular. According to research conducted by 2C2P, in 2022 alone, Singapore had a mobile wallet user base of 1.8 million, which is expected to surge to 3.2 million by 2025.
What is more, as emphasised in Worldpay’s 2024 report on payment methods, credit cards and digital wallets are the two most popular payment methods at POS in Singapore, followed by debit cards and cash.
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