Phos and Mastercard enable micro, small and medium-sized companies to accept digital payments in UK, Germany, Bulgaria and Romania

Phos today unveiled a pilot project with Mastercard, introducing an innovative mobile solution that enables merchants to accept contactless payments on Android mobile devices without the need for any additional hardware. The solution will enable millions of micro, small and medium-sized enterprises (MSMEs) to accept cashless payments and grow their businesses.

Micro, small and medium-sized merchants are the backbone of the European economy. These small businesses traditionally accept cash only, a disadvantageous and insecure type of payment due to hidden costs and security issues.

The pilot project will rely on Paynetics, an e-money institution with license across the European Union, as the acquiring bank and is expected to last until April 2020. Partnering with approximately 200 merchants across the participating countries of the United Kingdom, Germany, Bulgaria and Romania will allow further refining of this innovative point of sale solution based on actual market conditions.

Phos is downloadable from the GooglePlay store and enables all Android devices to accept payments from contactless cards or other NFC-enabled devices such as smartphones, smartwatches or wristbands. In line with phos’ ease of use merchants are verified in a fully digital due diligence process which follows both anti money laundering as well as other locally applicable regulations. Further emphasizing on the solution’s security, Mastercard certified phos via its Mastercard Digital Enablement Service as one of the first digital point of sale solutions for all Android devices.