Mastercard has expanded its partnership with Phos – a Bulgarian fintech that provides software-only point-of-sale (SoftPoS) solutions – to boost the ‘Tap on Phone’ payments offering.

The ‘Tap on Phone’ solution can turn any Android smartphone into a payment acceptance device, provided, it is enabled with near-field communication (NFC) technology.

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This solution will allow underserved small and medium-sized enterprises (SMEs) to accept contactless payments from debit or credit cards, mobile wallets, and wearables.

Phos said that this SoftPOS solution acts as an alternative to cash.

Phos CEO Brad Hyett added: “By extending our relationship with Mastercard, we are combining its reach with our software to help merchants of all sizes transform their business rapidly.

“We all need to be able to adapt to changing environments, and with Tap on Phone, retailers can deploy new services that improve the customer experience and increase retention.”

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Moreover, Mastercard has also raised the Card Holder Verification Limit (CVM), in light of the Covid-19 pandemic.

The new limit allows merchants in more than 80 markets to accept a higher amount of contactless payments without requiring a PIN.

Mastercard Europe EVP of market development Jason Lane said: “One of the many ways in which we try to help small businesses at Mastercard is by enabling them to accept payments so that they are not limited to cash-only transactions. This can help them improve their cashflows and benefit their bottom lines.

“Our partnership with Phos not only fulfils this goal, but it also enables small businesses to provide their customers with contactless payment options via Tap on Phone thus meeting the strong consumer demand for contactless payments.”

In August 2020, the company extended its partnership with Phos to roll out a mobile payment solution to assist micro, small and medium enterprises (MSMEs) across Europe.