Paymob Develops Tap to Phone in Partnership with Visa
- 29.10.2020 01:00 pm
The Center for Corporate Technologies (CCT), part of the Paymob Group, has become a Visa Ready Certified partner after developing Tap to Phone technology which can turn any Android smartphone into a contactless payment terminal.
This cost-effective technology enables businesses to accept contactless payments anywhere, any time via an app which they can download to their tablet or mobile phone. After registering and selecting their participating bank, the sellers can start accepting contactless payments in just a few minutes.
Co-founder and CEO of Paymob Technologies Ltd Kosta Du said: “This technology will revolutionise the whole payment acceptance industry and we’ve spent years and a vast amount of resources developing our Tap To Phone in-house solution.
“We’ve already been certified by Mastercard but becoming Visa Ready certified was another key milestone for us as it will enable us to partner with Visa clients to go to market and make our solutions available to sellers across the globe. It also gives sellers the peace of mind that our technology meets Visa’s high standards for functionality and security.”
Boris Federov, General Manager of CCT, added: “The COVID-19 pandemic has impacted small businesses by shifting them to remote work that has led to a significant increase in delivery services.
“Tap to Phone ensures the mobility and cost-efficiency which are crucial for SMEs during the pandemic. We have put lots of effort into creating a fully adaptable and secure solution, which will support SMEs and develop a cashless payment economy in the UK and beyond.
“We are thankful to the Visa team who supported and consulted us at all stages of the project development.”
CCT is currently certified by Visa and Mastercard for processing contactless transactions (non-PIN confirmed transactions) for which the limit in the UK is currently £45. However, the Paymob group has developed the existing non-PIN solution to empower it with revolutionary PIN-on-Glass technology. This means in the future sellers will be able to accept payments over £45 using only their smartphone.
Kosta said they want to be the first company to bring this Tap to Phone and PIN-on-Glass technology directly to sellers in the UK.
“We believe in our technology to such a degree that we chose one of the most advanced and competitive financial markets in the world, the UK, to launch our own payment company and win local businesses.
“Recently we became a registered Small Payment Institution (SPI) with the Financial Conduct Authority (FCA) and are planning to introduce a whole range of our technologies directly to UK merchants.”
To find out more about Paymob Technologies visit paymobtech.com.
They will also be exhibiting at Hong Kong Fintech Week (2nd to 6th November) and TechDay Online 2020 (17th to 19th November).