Visa ‘Tap to Phone’ Coming to U.S. in 2021
Visa has announced the official launch of its Tap to Phone contactless payment app in 15 markets, with plans to expand to the U.S. soon. The launch comes after piloting Visa Tap to Phone over the past year.
Tap to Phone transforms current generation Android smartphones or tablets into contactless, or tap to pay, software-based point of sale (softPOS) terminals without additional hardware.
This cost-effective tool helps businesses quickly access the digital economy, prevent lost sales and improve cash flow by accepting contactless payments anywhere, anytime.
The app in now in numerous countries across Europe, Middle East, Africa, Asia Pacific and Latin America. Recent launches for Tap to Phone include Belarus, Malaysia, Peru, Russia and South Africa, with upcoming launches planned in Brazil, Italy, United Arab Emirates, United Kingdom and more. The plan is to roll it out in the U.S. in 2021.
“It was just five years ago when Visa set out to enable virtually any IoT or mobile device to make payments and now today, we are enabling many of those same devices to accept payments in a very simple way with Visa Tap to Phone,” said Mary Kay Bowman, global head of buyer and seller solutions, Visa. “With billions of phones around the world at the ready, the opportunity that comes with lighting them up as payment acceptance devices is enormous. Visa Tap to Phone could be one of the most profound ways to reinvent the physical shopping experience.”
Sellers download an app, supported by their acquirer, and after registering and selecting their participating bank, the sellers can start accepting contactless payments in just a few minutes.
Buyers just tap their Visa cards to the merchants’ phone to complete the transaction. Tap to Phone builds on top of the security of an EMV chip transaction, in which each transaction contains a dynamic cryptogram that cannot be reused.
To see more about how Tap to Phone works, check out the video demonstration below.