PayTabs, Visa partner on mobile payment solution
PayTabs, a B2B payment solutions powerhouse, has partnered with Visa to launch its PayTabs Touch product, globally known as Tap to Phone – a contactless merchant payment acceptance solution.
With the Tap to Phone touchscreen solution and owing to changing lifestyles, consumerism and the rapid growth in e-tailing, millions of merchants will now be able to rely purely on contactless software-based solutions to accept payments. Tap to Phone aims to make traditional expensive location centric devices like physical POS devices and terminals, obsolete.
Today more than ever, digital payments are seeing consumer propensity towards use due to the nature of contactless transactions and convenience offered during lockdowns. Visa’s recent Stay Secure consumer and Small Business Recovery surveys indicate that digital payments in the GCC and broader Mena regions will increase rapidly as consumers and merchants prefer hygienic, cashless methods of payment. The smartphone penetration which is forecasted to reach approximately 91% by 2025 will also be a significant enabler of digital payments and Tap to Phone.
With the launch of Tap to Phone, merchants will be able to accept payments using contactless cards or wallets via their smartphones. This device independent solution will only require a smartphone with a Wi-Fi connection or mobile data. Cardholders will be able to tap their contactless Visa or other enabled payment cards or digital wallets on the merchant’s smartphone to make a payment.
For traditional merchants, the key advantage of the Tap to Phone over traditional Point of Sale (POS) machines is that the innovative app does not require additional devices to perform making the solution simpler and more cost effective. Once downloaded the solution will be available to merchants round the clock. Registration for merchants will be effortless and completed in three clicks. Additional benefits for merchants include being able to view transaction and payment history. Customers can also receive e-receipts for keeping tabs of their purchases.