Growing fintech firm, Phos has expanded its partnership with Mastercard to support Tap on Phone, the Mastercard solution that turns phones into payment acceptance devices.
The firms have combined in an effort to decrease the barriers SMEs to engage with contactless payments, which take on heightened importance as the world continues to navigate the pandemic.
Jason Lane, Executive Vice President, Market Development Europe at Mastercard, 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.”
By downloading Tap on Phone, SMEs can turn any near-field communications-enabled Android mobile device into a PoS, accepting contactless payments from debit or credit cards, mobile wallets and wearables.
Brad Hyett, CEO of 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.”
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. This is critical to securing ongoing revenue at a time when 79 percent of consumers worldwide say they are now using contactless payments, citing safety and cleanliness as key drivers.
