- In Argentina, Veritran has developed a solution for banks and fintech to offer entrepreneurs and professionals payment solutions.
- Nubank announced the launch of Tap to Pay for its 3 million SME customers in Brazil.
Near Field Communication (NFC) technology has entered the market to transform the financial landscape and expedite the digitization process.
In the Argentine market specifically, Apple Pay and Google Pay have already made their mark in 2023. Veritran, a global company specializing in digital solutions for financial entities, joins the competition with the launch of its own NFC solution, Tap to Phone.
This innovative payment feature allows small businesses, shops, independent professionals, and entrepreneurs to conduct transactions using their mobile phones as payment terminals.
Veritran’s Tap to Phone stands out for its focus on market arrival speed, security, user experience, and scalability. In a press release, the company states that it is a “globally certified solution that streamlines time to market, pre-built, and adaptable to the needs of our clients.”
In a market where only 30% of small businesses accept cards, according to AMI data, Tap to Phone aims to address this gap and reach underserved niches. The solution enables merchants, professionals from various sectors, and entrepreneurs to quickly and securely accept credit cards, debit cards, and virtual wallets using only their phones.
Marcelo Fondacaro, CCO of Veritran, highlighted the importance of this new solution in simplifying both the user and merchant experiences without compromising transaction security. It is a great alternative for banks and fintech to offer entrepreneurs and professionals payment solutions without the need to invest in a point-of-sale terminal.
Expanding Payment Methods Reach
Tap to Phone technology not only arrives to improve security and streamline payments but also to increase inclusion in the digital payment ecosystem. With simple requirements such as an Android 10 or higher operating system and NFC capability, the solution presents itself as an accessible option for everyone.
Veritran hopes that Tap to Phone will benefit various market players, including fair vendors, healthcare professionals, lawyers, entrepreneurs, passenger transport service drivers, and catalog resellers. The company aims to contribute to the creation of an increasingly inclusive payment ecosystem.
Veritran is a leading company in the development of digital solutions for financial entities, with 50 million people using its products worldwide.
According to Visa data, contactless payments already have a penetration of 50% in Latin America and the Caribbean. In Argentina, where digital wallet solutions are advanced, the arrival of Tap to Phone is expected to accelerate the adoption of contactless payments, capturing new businesses and professionals who previously preferred cash transactions.
Nubank: Tap to Pay in Brazil
The prominent neobank Nubank refuses to stay out of the headlines.
This time, it’s because they launched Tap to Pay for their 3 million SME customers in Brazil.
This feature allows businesses to accept all forms of contactless payments, including contactless credit and debit cards, Apple Pay, and other digital wallets, using only an iPhone and the Nubank iOS app, without the need for additional hardware or payment terminal.
Furthermore, funds are transferred within a day for transactions made through Tap to Pay on iPhone.
“This launch will allow millions of entrepreneurs, micro-businesses, and small businesses to receive their payments more easily in their day-to-day operations, without the expense of buying or renting a POS terminal, using only their iPhone in the palm of their hand. It’s a practical and cost-effective option for business owners, streamlining sales at a low cost. And, of course, always with the security that all information is protected by Nubank and Apple,” says Livia Chanes, Nubank CEO in Brazil.
