A group of Fintech firms are planning to create a hardware-free mobile point-of-sale (mPOS) system.
The mobile-based payments system will process contactless payments made from Android devices.
Germany-based Fintech companies CCV Group, Intertrust, Riscure, and Rubean have reportedly been working on the PhonePOS concept, in order to bring the convenience of card acceptance to smaller merchants.
Android handsets that are running 8.0 Oreo or later versions may be used to make contactless payments, after integrating the mPOS system.
The digital payments solution will support PIN entry without requiring extra hardware like card readers or dongles. The group of Fintech firms is planning to introduce the mobile payments system via Europe-based acquiring banks. The solution will also be offered as a service through CCV, the European payment services provider.
Merchants will be able to accept credit cards payments via the mPOS system, with all transactions being finalized through mobile phones. The project has been accepted to Mastercard and Visa brand pilot programs.
The mPOS concept has been created according to PCI CPoC standards. The payments solution will be first introduced in Germany and then it will be offered in other European countries.
The groups of Fintechs are also working on integrating the mPOS solution into retail tablets and commercial terminals.
“PhonePOS is an important breakthrough for electronic payments. As cashless payments explode, the benefits of POS integration are becoming paramount.”
“For example, instead of using additional hardware micro-merchants can use their Android smartphone for card acceptance, hospitality providers can integrate electronic payments within their ordering devices, and even large corporations can extend their business with home delivery solutions.”