Mastercard launches ‘Tap On Phone’ solution to support SMEs

Mastercard, in partnership with Mashreq Bank, has launched ‘Tap On Phone’ to provide new offerings for small and medium enterprises.

In a statement on Sunday, the company said the new innovation was part of a wider omni-channel SME in box services launched earlier this year in the Middle East and Africa..

It explained that ‘Tap On Phone’ is a simple and cost-effective digital payment technology developed to cater for the needs of micro and small businesses specifically in the food and beverage industry and services like food delivery and farmers markets.

According to the statement, the 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.

Executive Vice President, Head of Payments at Mashreq Bank, Kartik Taneja, 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 United Arab Emirates.”

Also, Mastercard’s EVP, Payment Gateway Services, Keith Douglas, commented, “Over 90 per cent of UAEs business is generated by the SME sector, which has been truly affected by the current economic climate. Omni-channel solutions like SME in a Box, including Tap On Phone, bring a world of new opportunities to small enterprises in the region, often allowing them to compete with large retailers. We are proud to be launching this product with an innovative and forward-thinking partner like Mashreq Bank.”

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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