phos, which claims to be the first-ever software-only Point of Sale, has formed a deal with payments giant Mastercard to lower the barrier of entry for SMEs implementing contactless payments.
By downloading ‘Tap on Phone’ SMEs can turn any near-field communication-enabled android mobile device into a PoS terminal to accept contactless payments from debit and credit cards, mobile wallets and wearables.
Through this app, merchants can remove the need of buying PoS terminals.
Research from phos claims that 33 million businesses across Europe are still reliant on cash, due to concerns including hidden costs, hardware requirements and security issues. Through the Tap on Phone app, phos hopes to boost faith in contactless payments.
Mastercard executive vice president Jason Lane 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.”
Earlier in the month, it was reported the UK government is looking to increase the contactless payment cap from £45 to £100. This move comes as a bid to reduce people using cash or entering their pin on PoS terminals, in a hope to lower the spread of the coronavirus.
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