Mashreq Bank and Mastercard have partnered to announce the launch of Tap On Phone, their new offering for Small and Medium Businesses (SMEs).
The innovation, rolled out with the support of and enabled via Mastercard’s Payment Gateway Technology, is part of a wider omni-channel SME in a Box service launched earlier this year in the Middle East & Africa region.
Recent Mastercard Contactless Consumer research revealed that 82% of UAE shoppers consider contactless to be their preferred method of payment. Nearly 64% of respondents confirmed that the pandemic has led them to use less cash, and 81% said they will continue to use digital forms of payment once the pandemic is over, pointing to a long-term behavioral shift.
Many local micro and small merchants in the country are currently not accepting digital payments, despite the safety, convenience and value it could bring businesses in increasing sales. Traditional point-of-sale (POS) systems, often used by large retailers, can be expensive and time-consuming to set up, learn and navigate.
Tap On Phone is a simple and cost-effective digital payment technology developed to cater to the needs of micro and small businesses specifically in the food and beverage industry and services like food delivery and farmers markets.
“The outbreak of Covid-19 is causing a strain on all businesses across industries and regions. Many small businesses that have traditionally accepted cash payments only, now need to adapt to new dynamics, by moving their businesses online and introducing new safer and more convenient methods of payment like contactless. Mastercard Payment Gateway Services have been our trusted partner for many years, and we are glad that by joining forces we were able to make this new solution available to thousands of small businesses in the UAE.”
Kartik Taneja, EVP – Head of Payments at Mashreq Bank
Mastercard’s Tap on Phone solution easily turns Android smartphones into secure payment acceptance devices for contactless cards, mobile wallets and even smartwatches — with no additional equipment or setup-related costs. Businesses can simply download the mobile app and offer it to their customers immediately, providing consumers with a checkout experience that is flexible, seamless, intuitive and secure.
“Over 90% of UAEs business is generated by the SME sector, which has been truly affected by the current economic climate. Omni-channel solutions like SME in a Box, including Tap On Phone, bring a world of new opportunities to small enterprises in the region, often allowing them to compete with large retailers. We are proud to be launching this product with an innovative and forward-thinking partner like Mashreq Bank.”
Keith Douglas, EVP Payment Gateway Services at Mastercard
Mastercard has democratized the point-of-sale, providing small, medium and large retailers with opportunities that redefine the customer experience and meet consumer demands. Mastercard’s Tap on Phone solution reinvents the in-store experience by providing more personal, agile services and further underscores the need for fast, seamless and secure checkout experiences that contactless payments provide. Mastercard’s Tap on Phone solution is in 16 markets across Europe, Asia Pacific, Latin America, North America and Middle East & Africa. Pilots are taking place with partners in Costa Rica, Hong Kong, Poland, Kazakhstan, Romania, Canada, Belarus, Russia, Turkey, United Kingdom, among other countries. Turning a mobile device into an acceptance device unlocks tremendous opportunities for small, medium and large businesses by increasing access and reducing costs for merchants around the world.
Source: techafricanews.
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