CaixaBank has launched an app that converts mobile phones into POS terminals and allows merchants accept card payments of any amount, without the need for additional hardware.

According to the bank, Smartphone TPV is the first app of its kind to be launched by a financial institution in Spain. The app works by taking contactless payments and managing them with the same security as a traditional POS terminal.

It is compatible with Visa and MasterCard cards, and lets the user view the history of transactions made and the details of each one in real time. In particular, the solution benefits businesses that need mobility and flexibility in the payment experience such as professionals who travel to customers’ homes for work; restaurants; retailers who make deliveries; and large retailers among others.

CaixaBank customers receive login credentials to access the app upon signing up for the service. When making a sale, the amount of the transaction is entered on the main screen before the customer holds their card up to the phone with the app installed. If required by the transaction, the application asks for the PIN.

After confirming the purchase, the option to generate a receipt will appear and it can be sent to the customer by one of three methods: displaying it on the screen, sending it by email or generating a QR code.

CaixaBank said it expects the launch of the new service to further strengthen its standing in retail services, a sector in which the bank, through Comercia Global Payments, has more than 645,000 POS terminals across retail outlets.