Phos Adds PIN to Its Leading Software-Only Solution for Global Merchants

Phos Adds PIN to Its Leading Software-Only Solution for Global Merchants

New pilot scheme certified by Mastercard and Visa for PIN transactions on mobile

Phos, the fintech behind the leading software-only Point of Sale system (SoftPoS), has introduced PIN to its mobile payment solution for merchants around the world. The new mobile solution enables merchants to accept PIN secure ‘tap to pay’ transactions of any value on NFC-enabled Android devices, for both in-store and online purchases.

PIN is only required for transactions above contactless limits, not made using a digital wallet, and can be carried out on mobile. This eliminates the need for costly physical terminals such as card readers or PIN-entry devices for merchants and provides a frictionless, easy-to-use checkout experience for their customers.

The software-only solution is available to merchants as part of a pilot scheme and has been certified by both Mastercard and Visa to ensure the very highest levels of security and functionality for users. With the pandemic accelerating the shift to contactless worldwide, merchants are increasingly turning to single solution and software-only technologies to meet customer demand.

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Phos Adds PIN to Its Leading Software-Only Solution for Global Merchants 1

With phos’ enhanced solution, PIN entry can be easily carried out on the merchant’s smartphone or tablet. It can be installed on any NFC-enabled Android device or the solution can be embedded into the merchant’s own app, or that of a financial services provider.

Brad Hyett, CEO at phos, said: “We’re thrilled to offer this cost-saving, secure and time-efficient solution for merchants. With consumers increasingly demanding quick and easy payment methods following the events of the last 18 months, it’s vital that merchants are equipped with the tools to satisfy these continuously evolving needs. But this doesn’t have to be a costly endeavour. By leveraging existing technology, which most of us carry around in our pocket, phos is able to deliver an affordable solution that benefits merchants and their customers alike.”

Businesses have faced many challenges over the last year as a result of the pandemic. Recent figures from the Office of National Statistics show that, year on year, there was a 4.4% decrease in non-essential retail sales in July.

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As the sector battles to recover from lockdown restrictions and keep pace with changing consumer expectations, merchants are in search of tools that will allow them to operate more efficiently and reduce costs.

Phos’ innovative softPoS technology is enabling this shift away from legacy systems. Its mobile app is cheaper and simpler to use than other cashless solutions, which often require additional hardware, have long settlement times or high fees. With the new pilot, phos becomes one of the first vendors to launch a software-only PIN solution globally.

Hyett continues: “The retail landscape is changing fast. The last 18 months have shown that merchants of all sizes can no longer afford to rely on burdensome payment systems and legacy tech. If they want to remain competitive, they must offer their customers digital payment solutions that are simple and easy to use. At Phos, we’re proud to bring one of the first software-only solutions to market to provide PIN secure transactions on mobile, certified by the industry’s leading network payment processors.”

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