The COVID-19 pandemic has accelerated the adoption of cashless transactions across the globe. With the use of cash rapidly declining, London-based fintech company Phos’ solution directly addresses this demand for alternative payment methods.
Phos and bunq join forces
The UK fintech company Phos enables users to receive payments directly on an NFC-enabled Android device. As a part of the collaboration, bunq will deploy Phos’ solution so that customers can replace physical POS terminals or cash with a software-based POS, via their phones or other Android devices.
Brad Hyett, CEO of Phos, said: “We’re excited to be working with bunq as we want to transform how retailers accept payments and manage their revenue and cash flow. By equipping businesses with the power of softPOS payment technology, they will be able to grow sales and unlock the full spending potential of their customer base – offering greater flexibility, convenience, and more ways to pay. We’re confident that businesses trialling the new bunq functionality will reap the benefits of significantly increased returns as we head into the busiest shopping period for retailers and are looking forward to working with the team at bunq to take this solution to the wider reaches of their customer base soon.”
Mobile banking services across 30 markets will support phos
The Dutch neobank bunq, which offers mobile banking services across 30 markets, will be supported by Phos, providing its customers with next-generation banking solutions.
According to the company claims, the trial comes in response to increased consumer demand for cashless, mobile, and contactless payment options during the coronavirus pandemic.
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Ali Niknam, CEO of bunq, added: “We want to make sure contactless payments are a breeze in these difficult times. Our goal is to make life easy for bunqers, and this technology brings us a step further.”
Will be incorporated into bunq soon
During the initial phase of the scheme, bunq will offer this new feature to its retail merchant customers across its European markets, including Belgium, France, Germany, Ireland, Italy, the Netherlands, Portugal, and Spain.
If the trial is successful, Phos’ technology will be fully incorporated into the bunq app for the use of its retail customers, claims the company. The project will rely on Paynetics, an e-money institution with licence across the European Union, as the acquiring bank.