xPressTap wants to eliminate payment card readers
With the launch of its Tap2App merchant payment solution and pilot programme, xPressTap is enabling micro-retailers and small business owners to use their smartphones to accept card payments without a dongle or a portable card reader, reports Paybefore, Banking Technology’s sister publication.
The California-based start-up says its patented technology turns any NFC-enabled smartphone or tablet into a virtual card reader and can reduce merchant fees by as much as 25%.
Charges vary by market, but xPressTap has no sign-up or monthly fees and typically charges 2.25% + 15 cents per card tap and 2.75% + 15 cents per key-in card, according to its website.
The Tap2App technology has proprietary payment terminal functionality and EMV chip-reading capability that resides in the app, which eliminates the need for separate card readers or mobile point-of-sale devices.
Consumers don’t have to download an app to pay using Tap2App. The transaction is completed with a tap of a contactless payment card. Mobile wallet support is “coming soon”.
Mobile point-of-sale transactions are expected to account for roughly 20% of all global retail transactions made in 2021, and the total value of goods transacted through m-POS devices will exceed $2.3 trillion, according to Juniper Research.
Tap2App is launching initial pilots in Australia and New Zealand with merchants, as well as alliance and distribution partners. Contactless payments are well-established in Australia, where 82% of consumers are making contactless payments at least once week, according to Mastercard.
Banking Technology Awards 2017 are now open for entry!
Know any innovative products, inspirational projects, skilled teams or visionary leaders that deserve a special recognition this year? Nominate them for a Banking Technology Award!
Deadline for submitting the nominations is 25 August 2017.