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UTP and phos partner to introduce same-day processing for payments accepted on a smartphone

By Joy Dumasia

May 05, 2022

  • Europe
  • FinTech
  • Instant Payments
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UTP, an award-winning provider of card and other payment solutions, has partnered with leading FinTech, phos, to create the latest industry innovation, tapeeno, enabling smartphones to be transformed into a payment device easily and conveniently.

This technology is an industry first, with existing solutions only able to process same-day payments if it is onto a specific debit card, typically provided by the solution provider. tapeeno allows quick access to payments to any UK bank account and provides a fast, easy, and convenient alternative to cash payments. 

Customers were at the forefront of tapeeno’s creation. With tapeeno, 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 like. 

Customers will need to complete a simple online application form, with most applications being approved within 24 to 48 hours to use the service. Once approved, customers can download the tapeeno app from the Google Play Store to start taking contactless card payments. Payments will be processed and funded within one hour. 

The software enables transactions to be refunded and voided and sends e-receipts to the cardholder via email or SMS. tapeeno uses highly secure software to process payments and is certified to the latest security standard. 

Michael Ault, CEO of UTP, added: “We are delighted to be launching the tapeeno proposition. By launching a product which is tailored to individuals as well as merchants, we are making card acceptance accessible to the widest possible audience. As an alternative to existing peer-to-peer payment solutions and hardware-based card acceptance products, our collaboration with phos has allowed us to bring a unique and exciting solution to the market. 

UTP and Faster Processing have ensured the process of customer sign-up is hassle-free to enable merchants to access the solution as quickly and seamlessly as possible.”

Brad Hyett, CEO of phos, added: “We are thrilled to be partnering with UTP on an industry-first solution. At phos, we take pride in developing the best solutions that meet the needs of business today. Merchants are increasingly demanding more efficient and convenient ways to accept payments, and we are glad to be bringing them this same day settlement capability, along with collaborators at UTP and Faster Processing. It is indeed a great time to be in the FinTech business.”

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