Mastercard Collaborated with Ton for Mobile Payment Technologies

Mastercard Collaborated with Ton for Mobile Payment Technologies
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Tap on Phone is being released globally as contactless technology continues to expand in more than 90 million Mastercard card acceptance venues. Mastercard supports 131 Tap on Phone programs, 14 of which are in Latin America and the Caribbean, with many more in the works. Furthermore, the collaboration with Ton, Stone’s solution for SMEs and the self-employed, now allows for transactions of infinite value.

TapTon, introduced in August 2021, is a functionality within the Ton app that allows shops, particularly small and medium-sized businesses, to take credit or debit payments via approach cards (NFC) and digital wallets. Any size company or type can use Tap on Phone technology to provide novel payment-by-approach services by utilizing a device that almost everyone currently owns: the smartphone.

Caio Fiuza, partner and COO of Stone, responsible for Ton, commented, “Our culture revolves around listening to the customer, and that’s what we do to evolve. We’ve improved our pioneering technology. Our solution is even more complete to meet the needs of customers, helping them to sell more and take their business to the next level.” 

The uniqueness is that TapTon now employs a Mastercard certification, which enables transactions exceeding R $200.00 (with the request for the password), which was not feasible in the old iteration of the system, and continues to provide its clients with the best standards of security. The key benefits for the businessman are the exemption of the quantities of access to the conventional device and the probability of commencing to sell simultaneously with the time that the users access the app, without needing to wait for the arrival of a sales terminal and the qualification of flags, in addition to being able to accept payments by approximation in amounts above R $200. Furthermore, the system enables the scanning of smaller trades that accept only cash transactions.

This technology progresses in an environment in which the pandemic’s modifications are becoming more ingrained as a routine among Brazilian consumers. Per the New Payments Index report conducted by Mastercard, 86% of Brazilian respondents used at least one digital payment method last year. 56% of these utilized estimated payments.

Estanislau Bassols, President of Mastercard Brazil, stated, “We have seen the advance of different forms of payment, and payments by approximation are one of the preferred modalities for offering practicality and convenience quickly and safely. For small and medium-sized entrepreneurs this is an opportunity to increase digitization and business security, reduce delinquency, and improve the end consumer experience.”

Read: Mastercard Installments Programs to Support Small Businesses

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