Mastercard has partnered with Qatar National Bank (QNB) to launch a new tap on phone service that allows owners of small businesses to accept payments for their products or services.
The “myPOS” tap on phone service transforms Android smart phones into payment acceptance devices that can be used for contactless cards, mobile wallets and smartwatches.
It is being targeted at small merchants as a cost-effective way of supporting their digital payment needs and requires no additional equipment or setup-related costs. To avail of the checkout service businesses simply must download the mobile app, the companies said in a statement.
Speaking on the announcement Erdem Çakar, Country Manager, Qatar and Kuwait, Mastercard said: “More than 95% of the 25,000 businesses in the private sector currently registered in Qatar are classified as SMEs. Omni-channel solutions like Tap on Phone bring a world of new opportunities to small enterprises, allowing them to tap into the benefits of the digital economy. We are proud to launch this product with our longstanding partners at Qatar National Bank as part of our commitment to connect 50 million micro, small and medium size businesses globally to the digital economy by 2025.”
The latest deal follows the roll out of biometric payments using facial recognition technology by QNB earlier this year. The bank introduced the system to allow its users authenticate contactless payments for purchases at merchants in Qatar using their face rather than a physical payment card or smartphone.
Mr. Adel Ali Al-Malki, Senior Executive Vice President – Group Retail Banking added: “As one of the largest financial institutions in the Middle East and Africa, we remain committed to connect merchants with innovative solutions that will drive wider payment acceptance. We are proud to deepen our collaboration with Mastercard to grow the opportunities for small business through the launch of “myPOS” tap on phone service
