PHOS, a revolutionary application that turns any Android phone into a POS terminal, has recently become one of the first mobile applications in the world to successfully pass Level 2 certification for acquiring contactless mobile payments.
The application, developed by the Bulgarian FinTech company named Paynetics, allows every merchant in the world to accept contactless payments from cards, mobile phones or other devices directly through their mobile phone. Unlike existing solutions designed for mobile POS terminals (mPOS), PHOS does not need any extra external device in order to function – all that is needed is an Android-powered mobile phone. As an added value for retailers, PHOS provides the ability for integration with various loyalty, budgeting, analysis, and other applications.
Phos doesn’t have any equivalent in the world so far. The product is addressing a huge market consisting of micro, small and medium-sized merchants for whom traditional POS terminals are too expensive and inconvenient by addressing all payment-related needs. Starting from markets with lower rate of penetration for contactless payments, PHOS aims soon to become the preferred POS solution for micro, small and medium-sized retailers around the world. Possible cases where PHOS would be the preferred method of accepting payments are countless to mention, but here are just few of them: transport companies, retail outlets, beauty salons, restaurants, courier companies and many others.
Paynetics’ team has been developing the application over the past 2 years, through which period of time Security Certification with MasterCard and Visa has been successfully carried out, Level 2 Certification has been achieved, which is tied to the core functionality of Visa contactless payments, the user interface has been built, multiple tests have been carried out in various security laboratories. PHOS is in the very brink before it commences operations for the mass merchant, and the next step is achieving Level 3 Certification being the final level of certification process, which will ensure that all functionalities and processors work in a single process. Paynetics’s forecasts are that the certification process is to be finalized by the end of this summer.
„Against all odds, we have delivered a product which is transforming payment acceptance and the smartphone – with a single tap, every phone becomes a POS and ATM, and with ‘cashback’ every merchant becomes a bank.“
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Paynetics is one of the five companies licensed by the BNB as an e-money company. The company is EU-registered and licensed by SEPA, Swift, MasterCard and Visa. Paynetics’ core business lines are related to issuing cards, acquiring payments made on online or physical POS devices, as well as providing the eWallet developed by Paynetics team as a white label. Paynetics has recently announced that it opens its payment infrastructure for external companies that focus on FinTech applications development.
„Convenient. Quick. Secure. Empowering.“ – Paynetics