Phos Partners with BORICA to Offer its Innovative SoftPoS Solution to Bulgarian Banks
- 18.01.2022 01:45 pm
The partnership between phos and BORICA will allow the SoftPoS company to bring its innovative technology to financial institutions across Bulgaria - enabling banking customers to accept payments on a mobile phone
Phos, the fintech behind the leading software-only Point of Sale system (SoftPoS), has partnered with BORICA, the leading provider of payment services in Bulgaria, to introduce its SoftPoS solution to the market.
By partnering with BORICA, Phos’ innovative technology will be available to Bulgarian banks, allowing them to offer customers the ability to turn any NFC-enabled Android device, such as a smartphone or tablet, into a payments terminal.
Most recently, Postbank became the first bank in Bulgaria to offer a mobile app for contactless payments, turning smartphones into POS terminals. The Smart POS by Postbank app will allow every merchant the ability to offer their customers contactless payments with Visa and Mastercard cards directly via their mobile phone, without the need to maintain costly physical terminals.
The Bulgarian fintech industry is growing precipitously. Despite the pandemic, in 2020, the operating revenue of the industry increased to £454 million. The digital payments segment was the largest contributor to the performance of the sector. In 2020, it represented 66% of total operating revenue.
Brad Hyett, CEO of Phos said: “We are proud to be working with BORICA to enable financial institutions to offer our SoftPoS solution to customers via a mobile application. Merchants all around the world, especially in Bulgaria, want simple, efficient, and cost effective methods of accepting payments, and we’re excited to be bringing that capability to more merchants across Bulgaria.”
The phos SoftPoS solution works across a range of devices and is android agnostic, as well as being more affordable and simpler to use than traditional POS systems.
Neli Yolovska, Chief Sales Director of BORICA:
“In its role as a national card and payment operator, BORICA has been developing fintech solutions for many years, focusing on the stability and modernization of the Bulgarian payment infrastructure”, comments Neli Yolovska, Chief Sales Director. "In the recent two years the market more than ever seeks for innovative financial solutions and we are pleased that the partnership with Phos helps us respond to these needs. We believe that the Bulgarian merchants will appreciate its advantages shortly”, she adds.
This new collaboration with BORICA is the latest in a string of partnerships for phos globally, including collaborations with Dutch neo bank bunq, conversational commerce platform CM.com and JCC Payment Systems in Cyprus.
The London-headquartered business recently also secured €2 million (approximately £1.7 million) in equity funding in August. The new capital will enable the fintech to expand its operations into new markets and make new hires in its development team.