Visa Inc. (NYSE:V) Partners With PayTabs To Launch Tap To Phone Merchant Payment Solution

Payment solutions provider PayTabs has partnered with Visa Inc. (NYSE:V) to launch the first PayTabs Touch product, popularly known as Tap to Phone. The companies launched the contactless merchant payment solution to MENA, transforming phones into point of sale terminals.

PayTabs brings a solution to replace traditional POS systems

With this Tap to Phone touchscreen solution and owing to rapid e-tailing growth and consumerism, merchants can now rely on contactless payment acceptance solutions. PayTabs Touch will render conventional location-centric devices such as terminals and physical POS obsolete.

Currently, consumers are inclining towards digital payment use because of the contactless transaction nature and convenience afforded during pandemic lockdowns. According to Visa’s recent Small Business Recover and Stay Secure consumer surveys, digital payments in the MENA and GCC regions are likely to increase considerably because merchants and consumers turn to hygienic and cashless payment methods. Most importantly, smartphone penetration will reach around 91% by 2021, which will be a massive digital payment and PayTabs Touch enabler.

Merchants can now accept payments through wallets or contactless cards using smartphones with Tap to Phone’s launch. Notably, this is an independent solution that relies only on smartphones and internet connections. As a result, cardholders can tap their contactless Visa on the merchants’ phones to pay.

Tap to Phone a simpler and cost-effective payment method

Traditional merchants will enjoy the solution because, unlike conventional POS machines, the innovative solution doesn’t need additional devices to work. Therefore this makes this payment solution more cost-effective and simpler. After downloading the solution, it will be available to merchants throughout the day, with merchant registration competed with three clicks only. Merchants will also view payment and transaction history, and customers will receive e-receipts after making payment. There will be an app on the merchant’s smartphone to facilitate digital wallets and contactless cards’ acceptance.

PayTabs CEO Abdulaziz Al Jouf said that the company envisioned the solution and has worked on it over the past year. He said that solution would empower customers and merchants in the payments ecosystem.