Owners of small and medium-sized businesses (SMEs) in the UAE can now accept contactless payments on standard Android NFC smartphones, with no need for additional hardware.
Mashreq Bank is using Mastercard’s Tap On Phone mPOS technology to enable merchants to turn their own smartphone into a secure acceptance device for payments made with a contactless card, mobile wallet or smartwatch.
“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,” the bank says.
“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,” Mashreq Bank’s head of payments Kartik Taneja adds.
“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.”
According to Mastercard research quoted by Mashreq Bank, 82% of consumers in the UAE “consider contactless to be their preferred method of payment” and “81% said they will continue to use digital forms of payment once the pandemic is over, pointing to a long-term behavioural shift”.