Visa and Magnati come with “Tap to Phone” in the UAE

Digital Payment, Digital Payment Platforms, Banking, Banking Services, Digital Banking, Digital Banking Platform, retail banking, Cloud-based Systems, Banking-as-a-service, BaaS, fintech, fintech outlook
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Visa, a leading digital payments organization, and Magnati leading payment provider have collaborated to provide “Tap to Phone” in the UAE. This solution enables the acknowledgment of card payments via phone.

Ramana Kumar, CEO of Magnati, stated, “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.”

This collaboration enables Magnati to provide organizations of all scales an enhanced digital no-touch payment approval solution using the latest Magnati SoftPoS application. The Tap to Phone feature allows the client to receive card payments using Near Field Communication (NFC) aided android smart devices, along with minimal reliance on Point of Sale (PoS) hardware. This app is backed using the technology by Fiserv, which eliminates the installation and overhead maintenance expenses of PoS hardware for clients.

Shahebaz Khan, General Manager for the UAE, Oman and Bahrain, Visa, commented, “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.”

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