Phos Broadens Collaboration with Mastercard to Support Tap on Phone

Phos, the fintech behind the first-ever software Point of Sale (POS), recently announced that it has expanded partnership with Mastercard to power Tap on Phone, a solution that turns phones into payment acceptance devices.

Witn the solution, SMEs are able to turn NFC-enabled android mobile device into a PoS, accepting contactless payments from debit or credit cards, mobile wallets and wearables. For SMEs who plan to support contactless payments, Tap on Phone is a good fit for lowering the barrier to entry.

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.

Jason Lane, Executive Vice President, Market Development Europe at Mastercard, stated: "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."

Brad Hyett, CEO at 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."