Mastercard, a technology leader in the global payment industry, has partnered with QNB, the largest financial institution in the Middle East and Africa, to launch “myPOS” tap on phone service, a new service for micro and small businesses, which allows business owners to accept payments for their products or services through a smart phone.
The service, powered by Mastercard, is a simple, convenient, and cost-effective digital payment technology that supports the needs of small merchants. The solution transforms smart devices into payment acceptance devices.
This partnership marks a new milestone between QNB and Mastercard while it reflects the bank’s vision to promote omnichannel environment through the development of innovative, affordable and convenient payment solutions.
The QNB “myPOS” tap on phone service turns Android smartphones into secure payment acceptance devices for contactless cards, mobile wallets and smartwatches — with no additional equipment or setup-related costs. Businesses can simply download the mobile app and offer it to their customers immediately providing consumers with a checkout experience that is flexible, seamless, intuitive, and secure.
Erdem Çakar, Country Manager, Qatar and Kuwait, Mastercard commented: “More than 95% of the 25,000 businesses in the private sector currently registered in Qatar are classified as SMEs. Omni-channel solutions like Tap on Phone bring a world of new opportunities to small enterprises, allowing them to tap into the benefits of the digital economy. We are proud to launch this product with our longstanding partners at Qatar National Bank as part of our commitment to connect 50 million micro, small and medium size businesses globally to the digital economy by 2025.”
Mr. Adel Ali Al-Malki, Senior Executive Vice President - Group Retail Banking said: “As one of the largest financial institutions in the Middle East and Africa, we remain committed to connect merchants with innovative solutions that will drive wider payment acceptance. We are proud to deepen our collaboration with Mastercard to grow the opportunities for small business through the launch of “myPOS” tap on phone service.