Currently, Mastercard’s Tap on Phone solution is in 16 markets across Europe, Asia Pacific, Latin America, North America, and Middle East & Africa
In collaboration with Global Payments and NMI, Mastercard has launched its initial cloud point-of-sale acceptance technology.
Mastercard users can accept and pay using its Tap on Phone technology using a tablet or an Android smartphone.
The company is now working with Computer Engineering Group, an IT service provider to develop a cloud version that will access software on Microsoft Azure.
Cloud POS is essential as it moves essential parts of the acceptance software that enhances major security functions not forgetting the processing of contactless transactions from a smartphone to the cloud.
This will not only reduce maintenance and development costs but will also build scalable dissemination channels and establish strong security.
Cloud POS will also be used in the provision of value-added services to businesses and also customers. This is a new channel for Mastercard alongside its partners.
In a move to encourage processors, acquirers, and fintechs to co-create and innovate new cloud products, the pre-certified Cloud POS SDKs will be openly available.
The move comes as Mastercard looks to continue the acceleration of digital products to provide compelling, secure, and swift point of sale experiences.
We’ve reported that Mastercard and B2B platform EnKash partnered to expand the acceptance of commercial cards across India.