The new functionality is the result of a partnership with Nuapay – an EML payments business – and will enable phos partners to provide instant bank transfers within its SoftPoS application for merchant customers.
With over 6 million active users of Open Banking – merchants can now benefit from faster settlements via the phos solution, with Open Banking providing a low-cost payment option particularly for businesses at high values.
This is the first of many alternatives to card payments that will be available through the SoftPoS platform. In addition to Open Banking, phos is actively working on PayPal and Venmo acceptance for the near future – ensuring that merchants can offer customers a checkout experience that includes their preferred way to pay.
Customers will also be able to use phos’ technology to accept card and digital wallet payments directly on any NFC-enabled smartphone or tablet, in a secure and contactless way.
Phos currently has 14 certified acquirer connections, as the fintech continues to expand globally. It plans to increase this number to satisfy the needs of tier-one providers and requirements across international markets.
In May 2022, UTP has partnered with phos to roll out ‘tapeeno’, enabling smartphones to be turned into payment devices. tapeeno allows quick access to payments to any UK bank account and provides an alternative to cash payments. With this solution, merchants can take card payments without the fixed monthly payments that are normally associated with card payment hardware. tapeeno has no set-up fees, no monthly charges, and no binding contract. This allows customers to cancel whenever they want.
In June 2022, Phos has partnered with acquirer Paynt to deliver a white label SoftPos app for payment service resellers. The new app enables merchants to turn any NFC-enabled Android device, such as a smartphone or tablet, into a contactless payment terminal. The solution aims to solve key issues for resellers, improve merchant acquiring and day-to-day management by automating the onboarding process, and merchant account setup.
In November 2022, phos has partnered with global acquirer Elavon to launch a Tap to Pay solution in the US and Canada. Independent Sales Organisations (ISOs) and Independent Software Vendors (ISVs) in North America will be enabled with this solution to turn mobile devices into contactless payment terminals.
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