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.
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.
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.
Kartik Taneja, EVP – Head of Payments at Mashreq Bank said:’ 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.’
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.
