Mashreq Bank and Mastercard have brought out Tap On Phone, a new service for small and medium-sized enterprises (SMEs). It is enabled by Mastercard’s Payment Gateway Technology and is part of a wider omni-channel SME in a Box service launched earlier this year in the Middle East and Africa. Many UAE micro and small merchants still do not take digital payments.
The partners said traditional point-of-sale (POS) systems often used by large retailers can be expensive and time-consuming to set up and get to know. They said Tap On Phone is a simple and cost-effective digital payment method designed for micro and small businesses specifically in the food and beverage industry, food delivery and farmers' markets.
Mastercard’s Tap on Phone service turns Android smartphones into payment acceptance devices for contactless cards, mobile wallets and smartwatches with no additional equipment or set-up costs. Businesses download the mobile app and offer it to their customers immediately.
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