Phos adds PIN to its leading software-only solution for global merchants

By Joy Dumasia

Phos, the FinTech behind the leading software-only Point of Sale system (SoftPoS), has introduced PIN to its mobile payment solution for merchants worldwide. The new mobile solution enables merchants to accept PIN secure ‘tap to pay’ transactions of any value on NFC-enabled Android devices for in-store and online purchases.

The PIN is only required for transactions above contactless limits, not made using a digital wallet, and can be carried out on mobile. This eliminates the need for costly physical terminals such as card readers or PIN-entry devices for merchants and provides a frictionless, easy-to-use checkout experience for their customers.

The software-only solution is available to merchants as part of a pilot scheme. It has been certified by both Mastercard and Visa to ensure the very highest levels of security and functionality for users. With phos’ enhanced solution, PIN entry can be easily carried out on the merchant’s smartphone or tablet. It can be installed on any NFC enabled Android device, or the solution can be embedded into the merchant’s app or that of a financial services provider.

Brad Hyett, CEO at phos, said: “We’re thrilled to offer this cost-saving, secure and time-efficient solution for merchants. With consumers increasingly demanding quick and easy payment methods following the events of the last 18 months, it’s vital that merchants are equipped with the tools to satisfy these continuously evolving needs. But this doesn’t have to be a costly endeavour. By leveraging existing technology, which most of us carry around in our pocket, phos is able to deliver an affordable solution that benefits merchants and their customers alike.”

Recently, IBS Intelligence reported that Phos, the FinTech behind the leading software-only Point of Sale system (SoftPoS), has secured €2 million in funding as it plots a course to a Series A round later in the year.