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Phos and Mastercard extend partnership

Wednesday 6 January 2021 10:47 CET | News

Phos, the fintech behind the software-only Point of Sale (SoftPoS), and Mastercard, the global payments provider, have announced an expanded partnership to support Tap on Phone.

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. 

Upon registering and once accepted, merchants can download Tap on Phone from the Google Play store and enable all of their Android devices to accept contactless payments. 

 


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Keywords: Phos, MasterCard, partnership, payments, SMEs, paymnet method
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech