THE WHAT? Visa Tap to Phone has announced that, after a year-long pilot, it will be available in some 15 markets with plans to expand to the United States.
THE DETAILS Tap to Phone transforms current generation Android smartphones or tablets into contactless, or tap to pay, software-based point of sale terminals with no additional hardware.
“It was just five years ago when Visa set out to enable virtually any IoT or mobile device to make payments and now today, we are enabling many of those same devices to accept payments in a very simple way with Visa Tap to Phone,” said Mary Kay Bowman, Global Head of Buyer and Seller Solutions, Visa. “With billions of phones around the world at the ready, the opportunity that comes with lighting them up as payment acceptance devices is enormous. Visa Tap to Phone could be one of the most profound ways to reinvent the physical shopping experience.”
THE WHY? With contactless payments booming in the COVID-19 era, the cost-effective tool helps businesses to quickly access the digital economy, preventing lost sales and improving cash flow, particularly for small and micro businesses.