First Abu Dhabi Bank’s (FAB) Magnati, a regional leader in the payment solutions industry, has partnered with Visa, the world’s leader in digital payments, in order to launch ‘Tap to Phone’ in the UAE.
According to the statement, the contactless solution facilitates the 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 allows 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.
Ramana Kumar CEO – Magnati
“Magnati launching the software PoS Tap to Phone solution will significantly advance the UAE’s payments industry. We are honored 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 digitalization 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.”
The company remarked that the alliance supports the UAE Government’s vision of a cashless economy by encouraging digital payments acceptance through new acceptance solutions from across the globe.
Mr. Shahebaz Khan, Visa’s General Manager for the UAE, Oman, and Bahrain, said that, “Tap to Phone will enable our merchant partners to expand their acceptance methods beyond cash to deliver the shopping experience more consumers increasingly expect.”
Mr. Umer Farooq, MD & Head Payments Platform at Magnati commented that, “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,” Mr. Farooq added.
