back Back

Phos expands partnership with Mastercard to boost Tap on Phone offering

By Megha Bhattacharya

January 06, 2021

  • India
  • Phos
Share

FinTech Phos today announced an expanded partnership with Mastercard to support Tap on Phone, a solution that turns phones into payment acceptance devices. SMEs, with the solution,  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. The solution is expected to lower the barrier to entry for small and medium-sized enterprises that want to offer contactless payments.

Jason Lane, Executive Vice President, Market Development Europe at Mastercard, said, “One of the many ways in which we try to help small businesses at Mastercard is by enabling them to accept payments so that they are not limited to cash-only transactions. This can help them improve their cashflows and benefit their bottom lines. Our partnership with phos not only fulfils this goal, but it also enables small businesses to provide their customers with contactless payment options via Tap on Phone thus meeting the strong consumer demand for contactless payments.”

According to phos, the android agnostic SoftPoS solution is expected to offer an alternative to cash and allow merchants to digitalise effectively. 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 safe method of payment.

Brad Hyett, CEO of phos, added, “By extending our relationship with Mastercard, we’re combining its reach with our software to help merchants of all sizes transform their business rapidly. We all need to be able to adapt to changing environments, and with Tap on Phone, retailers can deploy new services that improve the customer experience and increase retention.”

Previous Article

January 06, 2021

Bank of Baroda, SIDBI facilitate digital submission of loan restructuring

Read More
Next Article

January 06, 2021

Mizuho Americas integrates Fenergo’s software to automate client onboarding

Read More








IBSi Daily News Analysis

Complaints Fraud

May 22, 2024

India

UK SMEs lack fraud protection, facing significant financial risks, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Sabre Hospitality and Uplift partner to offer flexible hotel payments

Read More

Today

American Express & Emburse bring integrated expense management solutions to SMEs

Read More

Today

SurePay teams up with FIS to deliver Verification & CoP solutions

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023