The COVID-19 pandemic has accelerated the adoption of cashless transactions throughout the globe. With the usage of cash quickly declining, London-based fintech firm Phos’ resolution immediately addresses this demand for different fee strategies.
Phos and bunq be a part of forces
Within the newest growth, Phos introduced that it’s working with Dutch neobank bunq to revolutionise the best way its retail service provider clients settle for funds.
The UK fintech firm Phos allows customers to obtain funds immediately on an NFC-enabled Android system. As part of the collaboration, bunq will deploy Phos’ resolution in order that clients can exchange bodily POS terminals or cash with a software-based POS, through their telephones or different Android units.
Brad Hyett, CEO of Phos, mentioned: “We’re excited to be working with bunq as we want to transform how retailers accept payments and manage their revenue and cash flow. By equipping businesses with the power of softPOS payment technology, they will be able to grow sales and unlock the full spending potential of their customer base – offering greater flexibility, convenience, and more ways to pay. We’re confident that businesses trialling the new bunq functionality will reap the benefits of significantly increased returns as we head into the busiest shopping period for retailers and are looking forward to working with the team at bunq to take this solution to the wider reaches of their customer base soon.”
Cellular banking companies throughout 30 markets will help phos
The Dutch neobank bunq, which affords cellular banking companies throughout 30 markets, can be supported by Phos, offering its clients with next-generation banking options.
Based on the corporate claims, the trial is available in response to elevated shopper demand for cashless, cellular, and contactless fee choices through the coronavirus pandemic.
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Ali Niknam, CEO of bunq, added: “We want to make sure contactless payments are a breeze in these difficult times. Our goal is to make life easy for bunqers, and this technology brings us a step further.”
Might be included into bunq quickly
Throughout the preliminary section of the scheme, bunq will supply this new function to its retail service provider clients throughout its European markets, together with Belgium, France, Germany, Eire, Italy, the Netherlands, Portugal, and Spain.
If the trial is profitable, Phos’ expertise can be absolutely included into the bunq app for the usage of its retail clients, claims the corporate. The undertaking will depend on Paynetics, an e-money establishment with licence throughout the European Union, because the buying bank.