Visa Tap to Phone Transforms Payment Acceptance for Sellers Worldwide
As the world increasingly turns to digital payments amidst COVID-19, a simple mobile app can help millions of sellers worldwide quickly and securely accept contactless payments, while improving the checkout experience for customers. After piloting Visa Tap to Phone over the past year, Visa (NYSE:V) today announced product availability in more than 15 markets with plans to expand to the United States and accelerate global product growth in the rest of the world via more than 35 new partners, including Visa Ready for Tap to Phone partners.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201021005235/en/
Tap to Phone transforms current generation Android smartphones or tablets into contactless, or tap to pay, software-based point of sale (softPOS) terminals without additional hardware. As part of Visa’s commitment to digitally-enable 50 million small and micro businesses, this cost-effective tool helps businesses quickly access the digital economy, prevent lost sales and improve cash flow by accepting contactless payments anywhere, anytime. Already, the number of sellers using Tap to Phone has grown by 200% over the past year and is now live in numerous countries across Europe, Middle East, Africa, Asia Pacific and Latin America. Recent launches for Tap to Phone include Belarus, Malaysia, Peru, Russia and South Africa, with upcoming launches planned in Brazil, Italy, United Arab Emirates, United Kingdom and more.
Opportunity for Tap to Phone by the numbers:
- Two billion Android devices globally could transform to payment acceptance machines1.
- Tap to Phone holds particular promise for the 180 million micro and small merchants (MSM) around the world, where fewer than 10% of MSMs in many emerging markets currently accept digital payments2.
- In a survey conducted by Visa3, 63% of MSMs said they would likely implement Tap to Phone in their own businesses and more than 50% of consumers said they would likely use Tap to Phone if offered to them.
“It was just five years ago when Visa set out to enable virtually any IoT or mobile device to make payments and now today, we are enabling many of those same devices to accept payments in a very simple way with Visa Tap to Phone,” said Mary Kay Bowman, global head of buyer and seller solutions, Visa. “With billions of phones around the world at the ready, the opportunity that comes with lighting them up as payment acceptance devices is enormous. Visa Tap to Phone could be one of the most profound ways to reinvent the physical shopping experience.”