IBA's tapXphone Changes Payment Ecosystem
IBA Group in cooperation with payment systems Visa, MasterCard released a solution that allows for accepting bankcard payments using a smartphone. Designed by IBA Group, the tapXphone solution is already working for customers of one of the most successful and innovative banks in Eastern Europe.
TapXphone is a digital payment solution that acts as an alternative to a physical banking terminal or a mobile card reader. It does not require additional equipment and works through a smartphone application. With tapXphone, it is possible to accept payments with Visa and Mastercard bankcards via a mobile device with an NFC-module on the Android operating system. A user can pay by card or with a smartphone, bracelet, ring, or smart watch. If is it necessary to enter a PIN code to confirm the transaction, the user can do this due to the unique PIN on Glass technology.
As a result, the usual methods of receiving payments are changing. With tapXphone, no additional equipment is required for calculations, and the transaction time is shortened, which is beneficial to all parties.
“We designed a breakthrough technology that dramatically changes the payment acceptance ecosystem. It concerns every party involved in the payment process: the consumer, the merchant, and the bank. This is a fully digital solution that uses the NFC contactless technology, from bankcards and mobile phones to smart watches and rings”.
Merchants have an unlimited choice of devices that can replace a bank terminal. The only requirement is the Android OS, version 7.0 or higher, with an NFC chip.
Earlier, IBA Group launched tapXphone in Kazakhstan. The product was implemented with Visa for Kazpost, the country’s national postal service provider.
Benefits for Vendors
- Independently choose a mobile device to receive payment
- Connect to the payment acceptance system much faster
- Save on the purchase and maintenance of additional devices
- Use a simple, convenient, and clear tool for receiving payments
- Offer customers a safe and innovative way to pay for goods and services.
Benefits for Banks
- Attract new customers for comprehensive service
- Offer customers an innovative and affordable way to connect
- Increase transaction flow due to an additional share of contactless payments
- Reduce infrastructure maintenance costs.