Mastercard launches cloud point-of-sale technology
Mastercard has partnered with NMI and Global Payments Inc. to launch its first cloud point-of-sale acceptance technology.
MasterCard and its partners are doing this to help businesses accept contactless payments using just an Android smartphone or tablet through its Tap on Phone technology. Tap on Phone assists businesses of all sizes to deliver new and best-in-class contactless consumer experiences using their smartphone.
The technology democratizes point-of-sale (POS) technology by turning an Android smartphone or tablet into an acceptance device, allowing businesses to accept contactless payments while minimizing the need to invest in hardware terminals or extra features.
With this, MasterCard is enhancing its Tap on Phone product and empowering ecosystem partners to create their own cloud-based products with new tools and capabilities. Cloud POS moves critical parts of the acceptance software, i.e., the components that enable processing contactless transactions and certain security functions from the individual smartphone to the cloud, offering robust security, reducing development and maintenance costs, and creating scalable distribution channels by allowing immediate connectivity to partners. Cloud POS also becomes a new channel for MasterCard and its partners to bring value-added services to customers and businesses.
Global Head of MasterCard’s Acceptance Solutions Group, Milan Gauder, said, “We continue to see an accelerating shift to digital payments, with businesses of all sizes wanting to provide swift, secure, compelling point-of-sale experiences. Cloud POS enables us to make these experiences available to our partners with greater speed and efficiency. Our partners are the center of everything we do, and our trusted technology powers innovative experiences, choice, flexibility and certainty, creating the products they need. Mastercard’s Cloud Tap on Phone delivers on our promise of ground-breaking products and innovation.”
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