Mastercard and Phos are piloting SoftPOS to be used by small businesses.
In Brief:
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The scheme will allow merchants to accept contactless payments on Android mobile devices.
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It will be tested with around 200 merchants across the UK, Germany, Bulgaria and Romania.
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The acquiring bank will be Paynetics.
What does this mean?
Payment choice is “fundamental”, says Scott Abrahams, SVP of business development and FinTech for Mastercard in the UK. Phos’ solution meets flexibility and cost requirements of small businesses by not requiring any additional hardware and enabling them to use technology they already have.
