DUBAI, UAE/PRNewswire/ -- PayTabs, MENA's award-winning payment solutions powerhouse, today announced the launch of their PayTabs Touch product, globally known as Tap to Phone - a contactless merchant payment acceptance solution.
With the Tap to Phone touchscreen solution and owing to changing lifestyles, consumerism and the rapid growth in e-tailing, millions of merchants will now be able to rely purely on contactless software-based solutions to accept payments. Tap to Phone aims to make traditional expensive location centric devices like physical POS devices and terminals, obsolete.
Today more than ever, digital payments are seeing consumer propensity towards use due to the nature of contactless transactions and convenience offered during lockdowns. Visa's recent Stay Secure consumer and Small Business Recovery surveys[1] indicate that digital payments in the GCC and broader MENA regions will increase rapidly as consumers and merchants prefer hygienic, cashless methods of payment. The smartphone penetration which is forecasted to reach approximately 91% by 2025 will also be a significant enabler of digital payments and Tap to Phone.
With the launch of Tap to Phone, merchants will be able to accept payments using contactless cards or wallets via their smartphones. This device independent solution will only require a smartphone with a Wi-Fi connection or mobile data. Cardholders will be able to tap their contactless Visa or other enabled payment cards or digital wallets on the merchant's smartphone to make a payment.
For traditional merchants, the key advantage of the Tap to Phone over traditional Point of Sale (POS) machines is that the innovative app does not require additional devices to perform making the solution simpler and more cost effective. Once downloaded the solution will be available to merchants round the clock. Registration for merchants will be effortless and completed in three clicks. Additional benefits for merchants include being able to view transaction and payment history. Customers can also receive e-receipts for keeping tabs of their purchases.
For those curious to get into the nitty gritty of how the solution works, an app on the merchant's mobile phone will facilitate the acceptance of contactless cards and digital wallets. The merchant's smartphone must be equipped to exchange data wirelessly through open networks. Payment processing is then performed through the PayTabs Touch Terminal Management Server. The Tap to Phone technology provides a set of protective mechanisms to satisfy all card scheme security requirements. The solution is also made available as a white label solution to all banks and payment aggregators in the industry.
Commenting on the launch, PayTabs CEO and founder, Abdulaziz Al Jouf, said, "Tap to Phone, a home grown PayTabs product is something we envisioned, and we have been working on for the last year. The region couldn't grow the QR business effectively and I think this is the leapfrog jump in technology that will not replace traditional QR and POS but is an additional acceptance device to target small and micro businesses. The Tap to Phone solution which is available round the clock is vital for merchants and customers, in the age of the pandemic. Empowering both merchants and customers is our blue ocean strategy in the payments eco system of the future."
Madhur Mehra, Visa's Head of Merchant Sales and Acquiring for MENA, said: "Recent events have led to a marked increase in consumer preference for a more hygienic, non-cash payment method. Visa's recent Small Business Recovery study revealed that 82% of UAE merchants see digital payments as a necessary investment for business recovery. The same study also showed that more than half surveyed showed interest in low-cost acceptance solutions, highlighting the appetite and support for digital transformation. 'Tap to Phone' will enable merchants across the region to accept contactless payments in an easy, and cost-effective way and help them reinvent the physical shopping experience for consumers. Soon, smartphones will be an even more common channel not just to pay but also to accept payments. We are delighted to partner with PayTabs to bring Tap to Phone to merchants, and support businesses to not just overcome the challenges created by the pandemic but also to thrive."
About PayTabs
PayTabs is an award winning, B2B, payments solutions powerhouse founded by Saudi entrepreneur Abdulaziz Al Jouf.
Having processed the first live payment gateway transaction in June 2014, today PayTabs processes transactions in 168 currencies, safely and securely. Using API plugins, PayTabs facilitates seamless B2B ecommerce, m-commerce, and social commerce solutions for SMEs across 49 industries to "plug and play" payment features on to their websites. PayTabs prides itself on offering electronic invoicing services enabling businesses to enjoy paperless invoicing and pay via secure payment links.
Originally backed by Saudi Aramco's "Waed" and later by private Saudi investment, over the years, PayTabs has in-built and exported a full stack of game changing solutions. These include mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink the multi-billion-dollar enterprise market chain in the MENA region.
A proven game changer in the global payments space, PayTabs has dedicated offices in the GCC including the UAE and Saudi Arabia and presence in many other locales including Egypt.
Learn More on: https://site.paytabs.com/en/pt-touch/
- Visa's Stay Secure surveys for UAE: https://ae.visamiddleeast.com/en_AE/pay-with-visa/security-and-assistance/security-month-campaign.html; KSA: https://sa.visamiddleeast.com/en_SA/pay-with-visa/security-and-assistance/security-month-campaign.html; Kuwait: https://kw.visamiddleeast.com/en_KW/pay-with-visa/security-and-assistance/security-month-campaign.html; and Egypt: https://alamrakamy.com/article/12872; Visa's Small Business Recovery studies: https://km.visamiddleeast.com/en_KM/visa-everywhere/blog/bdp/2021/03/22/visa-2021-small-1616387779014.html.
Photo - https://mma.prnewswire.com/media/1494094/PayTabs_Tap_to_Phone.jpg
SOURCE PayTabs
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
