Business owners will be able to process contactless payments using nothing more than an NFC-enabled Android phone following a collaboration between Phos and Mastercard.

The fintech startup has developed what it says is the first-ever software-only Point of Sale (POS) system (SoftPoS), and is now working with Mastercard to support its own Tap on Phone system. Tap on Phone transforms handsets into payment acceptance devices which, with the aid of SoftPos removes the need for any POS hardware.



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