Challenges

Today, millions of MSMEs worldwide have an opportunity to access innovative products and services to increase acceptance. For example, MSMEs working to grow their businesses have acceptance options even beyond traditional POS, including by using the smartphones they already own to accept payments—simply by downloading an app.

In addition, MSMEs leveraging Visa Tap to Phone can benefit from the security of an EMV chip transaction and rigorous security standards. This means that participating merchants can access the sophistication and security of contactless POS capability simply by using a mobile payment-enabled phone. Tap to Phone makes onboarding and accepting payments more seamless and participating merchants may also opt into additional Visa services, which can further help to improve cash flow.

Tap to Phone is expanding payment acceptance in many ways and through a variety of use cases. Tap to Phone has the capacity to enable faster and more convenient ways for merchants to accept payments, such as pay-on-delivery, queue or line busting (where high-traffic sellers can use Tap to Phone to increase the number of mobile points of sale devices on premises, thereby cutting down on queue times), and donations.
Please review PDF document for additional info.

Primary target

Which group does your product/service primarily target?

Description of Innovation

Visa Tap to Phone enables MSMEs to use eligible mobile payments-enabled smartphones and tablets as a contactless point of sale (POS) terminal. By simply downloading an app, eligible merchants working with participating acquirers can start accepting contactless payments.

These innovations in digital payment solutions are a powerful lever to help increase financial inclusion by providing merchants and consumers greater access to digital payments. MSMEs can benefit from a streamlined digital onboarding experience with fast enrollment and activation. Because the POS is a phone, it is also portable – the option to transact outside of a brick-and-mortar storefront has been especially important and valuable during the coronavirus pandemic.

Tap to Phone technology enables consumers to pay via contactless payments, which can provide a faster, more convenient checkout experience. Contactless payments can help to advance digital equity by enabling payments to be made via any connected device, including a mobile payment enabled-phone, wearable, or card. Additionally, these payments are touch-free, which helps address consumer concerns regarding safe hygiene and can thereby help incentivize store patronage. Visa Tap to Phone enables micro, small, and medium enterprises (MSMEs) to use eligible NFC-enabled devices such as Android and iOS smartphones and tablets as contactless point of sale (POS) terminals.

Results

Top 10 Tap to Phone Market Segments (by Transactions & Payment Volume) - Table provided in PDF.

Source:
* Visa Tap to Phone Reported Data (reflecting data as of September 2022).