Smartphone-turned POS terminals to boost regions contactless payment infrastructure
The project will enable UAE-based Network International merchants to accept contactless transactions using any near-field communication (NFC)-enabled Android smartphone, simplifying their payment acceptance processes significantly, and taking a step towards enhancing the nation's payment infrastructure, in the wake of rising consumer awareness of contactless and mobile payments.
This smartphone-turned point-of-sale (POS) solution will provide small merchants, who previously relied on cash and checks to accept payments, with a simpler and more secure way to run their business. Merchants can download and install an app, create an account with their payment service provider and start accepting contactless transactions from their customers without separate payment terminal or any peripheral device, as well as associated costs. Furthermore, it offers innovative solutions to large merchants to enable safe and convenient payment-on-delivery options for their customers, as well as offering feature where merchants can enable their customers to avoid queues and cash exchanges at sporting, music and other events.
The mobile payment solution, which integrates Mastercards advanced security technologies, will allow consumers to make quick, convenient and secure electronic transactions by tapping their contactless card or smartphone (using a digital wallet, e.g. Masterpass) on the merchants device.
IDEMIA is currently working with more than 1,800 financial institutions and the major mobile operators, to offer an end-to-end mPOS contactless service, allowing NFC devices to accept secure contactless payments.