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Abu Dhabi, 6 April 2022: Magnati, a regional leader in the payment solution industry, has partnered with Visa, the world’s leader in digital payments, to launch Tap to Phone in the UAE. The contactless solution facilitates acceptance of card payments through a smartphone.
With this partnership, Magnati is offering businesses of all sizes an advanced digital contactless payment acceptance solution through the new Magnati SoftPoS app. The Tap to Phone functionality enables merchants to accept card payments via Near Field Communication (NFC) enabled Android smartphones or tablets, with zero dependency on Point of Sale (PoS) hardware. The app, which is powered by technology from Fiserv, removes the installation and overhead maintenance costs of dedicated PoS hardware for merchants.
Due to the COVID-19 pandemic, contactless penetration in the UAE has jumped significantly to reach 90% in September 2021. Tap to Phone optimises the contactless customer experience, allowing consumers to pay in a fast, convenient and secure manner, while reducing the need to carry cash.
The partnership supports the UAE Government’s vision of a cashless economy by encouraging digital payments acceptance through new acceptance solutions from across the globe.
Ramana Kumar, CEO of Magnati, said: “Magnati launching the software PoS Tap to Phone solution will significantly advance the UAE’s payments industry. We are honoured to partner with Visa to drive value for merchants and provide a seamless customer experience. Our journey to enhance the payment ecosystem will continue as we introduce new technologies and solutions under Magnati’s Payment Platform to fuel the digitalisation journey of the payments industry. We are delighted to support the UAE’s vision of a cashless economy through Tap to Phone, a smart, efficient and cost-effective solution.”
Umer Farooq, MD & Head Payments Platform at Magnati, said: “Magnati’s aim is to offer new and advanced digital acceptance solutions to our merchants, while setting a benchmark for the industry to follow. The launch of the Tap to Phone solution does exactly that. Magnati is introducing a wide range of value-added solutions under the umbrella of our Payment Platform initiative. With the rapid developments in the payment industry, it is very important for us to lead the next generation of solutions. We are delighted to partner with Visa to provide the latest experiences to our merchants.
Shahebaz Khan, Visa’s General Manager for the UAE, Oman and Bahrain, said: "Consumers in UAE are very savvy and will not settle for a shopping experience that does not match their expectations. Our recent Back to Business study shows that nearly three in four (73%) UAE consumers would not shop at a store that does not accept contactless payments . While most SMBs in the UAE have shown an incredible willingness to evolve in the face of change, 92% of the SMBs surveyed are still apprehensive about moving their business online, highlighting the need for additional support as they transition to digital solutions. To help bridge this gap, we are excited to work with Magnati, our latest partner to join us in our effort to bring this simple and cost-effective solution to more merchants here in the UAE. Tap to Phone will enable our merchant partners to expand their acceptance methods beyond cash to deliver the shopping experience more consumers increasingly expect."