A new collaboration between Phos, the fintech behind the first-ever software-only Point of Sale (SoftPoS), and Stanchion Payment Solutions, a global specialist in payments systems and integration has been formed.
It enables payment processors and banks to accelerate the time to market of contactless payments acceptance solutions for European merchants.
Phos and Stanchion will collaborate to help banks and payments companies enable merchants to meet customers’ demands for a wide range of secure, frictionless payment options, including contactless payments straight from a mobile device. Stanchion brings its proven systems integration and digital payments technology to the partnership.
Deon van Biljon, group product director at Stanchion, said: “We’re seeing a rising demand among merchants for contactless payments as consumers increasingly demand frictionless, cashless and cardless options for everyday transactions. We are delighted to partner with phos to deliver a simple and flexible software POS and contactless payments solution – in line with our strategy to help banks and payments processing companies to accelerate time to market with digital payments innovations.”
Phos brings its innovative SoftPoS technology, which enables simple contactless payment acceptance for any merchant with an NFC-enabled Android device.
At a time when social distancing measures are prevalent and amid heightened safety and hygiene concerns, the phos solution directly addresses the increased reluctance of consumers to handle cards and cash. The technology is cheaper and simpler than alternative payment solutions, which often require additional hardware or come with long settlement times or high fees, and allows a merchant to instantly accept contactless payments on their own mobile device.
Brad Hyett, CEO of phos, added: “Our partnership with Stanchion brings next-gen payment technology to payments companies and banks that wish to grow their merchant base and increase retention. It offers them a simple solution for contactless payments acceptance that can easily be deployed at scale as part of their wider digital payments framework. We look forward to collaborating closely with Stanchion to exceed merchants’ and payment processors’ expectations when it comes to innovative and engaging payments experiences.”