Mastercard innovates a new cashless alternative through “Tap on Phone” service

Mastercard has partnered with NMI and Global Payments Inc. to launch its first live Cloud Tap on Phone pilot with Computer Engineering Group (CEG).

Tap on Phone will enable businesses regardless of size to deliver a seamless contactless consumer experience using their smartphones by turning an android device or tablet into an acceptance device.

This will allow businesses to accept contactless payment with little effort needed to invest in terminals or extra features through democratized point of sale technology.

Alternatively, it will also provide faster line-skipping checkout in store as customers are in demand for solutions for touch-free cash transactions.

“We continue to see an accelerating shift to digital payments, with businesses of all sizes wanting to provide swift, secure, compelling point-of-sale experiences. Cloud POS enables us to make these experiences available to our partners with greater speed and efficiency,” Milan Gauder, Global Head of Mastercard’s Acceptance Solutions Group said.

Additionally, with the introduction of Cloud Point of Sale (POS), Mastercard is enhancing its Tap on Phone product and empowering ecosystem partners to develop their own Cloud-based products with new tools and capabilities.

“Tap on Phone technology perfectly complements the acceleration of contactless payments in the U.S. market. This is a ground-breaking step in creating a world that enables merchants to turn their smartphones into a payment acceptance device without the need of an externally paired physical card reader” stated Nick Starai, Chief Strategy Officer, NMI.

This financial service company will conduct further Cloud Tap on Phone pilots and commercial deployments in other markets in 2021.

Currently, Mastercard’s Tap on Phone solution is in 16 markets across Europe, Asia Pacific, Latin America, North America, the Middle East and Africa. Pilots are taking place with partners in Costa Rica, Hong Kong, Poland, Kazakhstan, Romania, Canada, Belarus, Russia, Turkey and the United Kingdom, among other markets.

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