Mastercard introduced Cloud Tap on Phone, a cloud point-of-sale solution

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The card issuer launched its Cloud Tap on Phone solution in 16 global markets and introduced pilot programs in several others, including the US—representing its first full-scale deployment of the smartphone payment solution.

The cloud-based offering will enable businesses to accept contactless payments using an Android mobile device or tablet and is being launched in partnership with payments gateway NMI, payments tech firm Global Payments, and IT services provider Computer Engineering Group (CEG). In addition to expanding the point-of-sale (POS) solution, Mastercard is making its cloud POS software openly available in several cloud environments to let solution providers develop their own cloud-based POS offerings and expand acceptance.

The coronavirus pandemic has experienced a rapid shift toward digital payments—and Nili Klenoff, senior vice president of global acceptance solutions at Mastercard, told Insider Intelligence that this shift is expected to be permanent. The card issuer says that contactless payments represented 41% of global in-person transactions in Q3 2020, up from 30% a year prior—indicating the increasing popularity of the offering amid the pandemic.

In response, other payment players have innovated to make digital POS solutions more accessible: Toward the end of 2020, Visa introduced its Tap to Phone solution in various global markets—and like Mastercard’s Tap on Phone, it gives businesses a mobile POS solution without the need for any additional hardware. In terms of Mastercard’s offering, Klenoff told Insider Intelligence that the firm’s solution will help build out and expand the overall payment ecosystem to help evolve the shopping experience.

Mastercard’s new tool could be especially beneficial for small- and medium-sized businesses (SMBs) heavily affected by the pandemic, and might aid global expansion of digital transactions as the payments landscape continues to evolve.

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SMBs and microbusinesses will gain access to a cost-effective contactless POS solution without needing to spend extra on hardware. Mastercard’s cloud-based POS solution could be especially relevant for SMBs—especially microbusinesses—that may not have the resources to purchase POS hardware that supports contactless payments but have a growing interest in it. During the pandemic, 34% of SMBs have implemented contactless payment solutions at checkout, according to a survey by Paysafe that examined SMB checkout solutions in the US, UK, Canada, Bulgaria, Italy, Austria, and Germany. Introducing a cloud-based software POS solution will also help SMBs keep pace with larger businesses that offer a variety of payment methods, enabling Mastercard to increase its payments volume.
Mastercard’s Tap on Phone solution can also help expand contactless payment acceptance in global markets. Since Marstercard’s offering is rolling out across many countries, businesses in markets with developing digital payments infrastructure, like parts of Asia and Africa, will gain access to the POS solution—pushing forward digital payment acceptance and furthering the issuer’s payments volume potential. For example, micromerchants in India—which has seen substantial growth in noncash payments in recent months due to the pandemic—might take up the offering, helping expand overall contactless payment acceptance.

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Source:: Business Insider

      

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