phos & Mastercard team up to offer mobile payment tech to European businesses

By Megha Bhattacharya

FinTech phos, today, extended its partnership with Mastercard in a bid to introduce a new mobile payment solution, thus enabling around 12,000 small businesses across 12 European countries to accept contactless payments using their Android mobile devices. The companies have stated that the collaboration will allow merchants to digitalise their payment processes and offer more payment options to their customers.

Brad Hyett, CEO of phos, said, “Our ongoing partnership with Mastercard brings next-gen payment technology to those financially underserved merchants who want to maximise the sales potential of their customer base, and is particularly pertinent as they get back up and running post-lockdown. With a proven and credible technology solution behind us, we have purposefully built a solid network across the European region that we can use to support those businesses for who we expect significantly increased sales.”

The new partnership will support the solution’s growth in existing markets, including the UK, Germany, Romania, and Bulgaria, as well as eight other new markets including Belgium, France, Greece, Italy, the Netherlands, Poland, Portugal, and Spain. Mastercard and phos will support MSMEs across Europe by offering access to a credible technology solution that can streamline payment processes.

The collaboration will be relying on the e-money institution Paynetics as the acquiring bank. phos is a payment acceptance solution that enables organisations to accept payments from their customers using ‘Tap on Phone’ with an NFC-enabled Android device.

Jason Lane, EVP, Market Development Europe at Mastercard commented, “Small businesses form the backbone of the European economy; enabling them to accept digital payments isn’t only more convenient and secure, but it’s also essential for them to operate in the new normal. As Mastercard, we are delighted to extend our partnership with phos to empower small businesses to offer more payment options as they open their doors post lockdown.”