Mastercard pilots innovative next-gen acceptance products
Cloud Tap Phone is an innovative next generation acceptance product from the financial services company which is hosted on Microsoft’s Azure cloud platform.
Whilst Mastercard has been spearheading the transition to contactless payments for many years, the impact of COVID-19 has increased demand for faster, safer, cleaner and more convenient payment methods. Reports have shown that in Q3 of 2020 contactless payments accounted for 41% of in-person purchase transactions globally, up from 37% in Q3 and up 11% compared to 2019.
Mastercard’s Tap on Phone technology, allows businesses of all sizes to provide consumers with contactless experiences by turning an Android smartphone or tablets into an acceptance device, minimizing the need to invest in hardware terminals and extra features. By introducing Cloud Point of Sale (POS) into its Tap on Phone technology Mastercard reports that it will enhance the product and empower its ecosystem of partners to develop their own cloud-based products with new tools and capabilities.
Features of Cloud POS
Cloud POS moves key aspects of the acceptance software - such as the ones which process contactless transactions as well as certain security functions - to the cloud providing robust security, reduced development and maintenance costs, and scalable distribution channels.
“We continue to see an accelerating shift to digital payments, with businesses of all sizes wanting to provide swift, secure, compelling point-of-sale experiences. Cloud POS enables us to make these experiences available to our partners with greater speed and efficiency. Our partners are the center of everything we do, and our trusted technology powers innovative experiences, choice, flexibility and certainty, creating the products they need. Mastercard’s Cloud Tap on Phone delivers on our promise of ground-breaking products and innovation,” commented Milan Gauder, Global Head of Mastercard’s Acceptance Solutions Group.