PHOS – the first-ever Bulgarian application in the world to easily transform the Android mobile phone into a POS terminal, is the winner in Elevator Lab Bulgaria 2019. Awarding PHOS as a winner in the prestigious competition of Raiffeisen bank is the next validation of the unique idea and created software that is about to revolutionize card payments, especially for small merchants.

Our PHOS mobile application has been awarded by the Innovative Board of Raiffeisen bank Bulgaria as a winner in Elevator Lab Bulgaria 2019. Thanks to this award, in the autumn, PHOS team will present Bulgaria in Vienna at the semi-finals of the global program of Raiffeisen bank International for partnership with the FinTech sector.

You probably wonder what so unique about this application is? Well, it is very simple – PHOS allows each retailer worldwide to receive payments from a contactless card, a mobile phone or other device directly through his or her own mobile phone. In fact, this is the world’s first complex mobile application that solves at the same time some of the biggest troubles of merchants accepting card payments:

  1. Spending money not for business, but for expensive POS devices for accepting payments,
    sometimes even more than one;
  2. Performing slow and burdensome procedure for application, approval and delivery of these
  3. Paying high fees for their maintenance and service;
  4. And last but not least, the inability to receive and immediately dispose of the
    money from their clients (usually they are received days after the sale).

The key advantage of PHOS is that, unlike existing mPOS solutions for mobile POS terminals, PHOS does not require the use of an additional device to the phone. All that is needed to run the application is an Android-powered mobile phone.

Additionally, PHOS enables easy integration with loyal customer applications, budgeting, analyses, and other systems that are important to retailers.

Our team has been developing this application for two years. Apart from the fact that the concept is protected by filed patent application, we have successfully passed security certification with Mastercard and Visa as well as the Second Level of certification for the basic contactless identification functionality with Visa.  A number of security tests have been carried out in various independent laboratories. PHOS is about to start operations for the mass merchant after achieving Level 3 certification, which is the final stage of certification process to ensure all tangible functionalities are working in a single process. It is expected that the certification is
successfully completed by the end of the summer.

PHOS is a solution designed for micro, small and medium-sized merchants, for whom the use of POS terminals is sometimes related to burdensome expenses and is inconvenient. Its application is extremely wide, and its users can be, for example, forwarding companies, retail outlets, beauty salons, restaurants, courier companies and many other businesses.

Now, as winners in Elevator Lab Bulgaria 2019, we accepted the invitation of Raiffeisen bank Bulgaria to create a pilot product for the bank to be offered to their clients in Bulgaria.

We think that our product is a proof that there is a well-functioning FinTech ecosystem in Bulgaria that will allow more start-up projects to find partners and support.

We wish all of our colleagues good luck! Next step for us – Vienna.