Phos and Mastercard extend partnership

In doing so, the collaboration is lowering the barrier to entry for small and medium sized enterprises that want to offer contactless payments.  

By downloading Tap on Phone, SMEs can turn any near-field communications-enabled android mobile device into a PoS, accepting contactless payments from debit or credit cards, mobile wallets and wearables. Thanks to the phos SoftPoS, it removes the need for expensive hardware, often an obstacle for smaller merchants wanting to take more than just cash in payment.  

Mastercard has also raised the Card Holder Verification Limit (CVM), the amount merchants can accept for contactless transactions in over 80 markets, removing a further barrier to adoption and supporting retailers’ ability to offer a new method of payment. 

Data from phos shows that more than 33 million businesses across Europe are still reliant on cash, with concerns including the hidden costs, hardware requirements and security issues of traditional PoS. The android agnostic SoftPoS solution can provide a sustainable alternative to cash and allow merchants to digitalise effectively, offer more payment options to their customers and ultimately grow their businesses.