Some people call it person-to-person (P2P) payments. Others call it peer-to-peer. Now, there’s a third term picking up steam: phone-to-phone.
Canadian fintech company Mobeewave has developed a P2P app, PayMeTap, allowing merchants to accept contactless credit card, debit card or mobile wallet payments on any NFC-enabled device, without the need for additional hardware (such as an external card reader).
With any mobile payment app, simplicity is key. PayMeTap embodies this with its open-loop system powered by NFC technology. Users’ credentials are encrypted in the devices used to make and/or receive transactions. To make a transaction, users simply require an NFC-enabled device and a mobile wallet or contactless card.
Merchants aren’t the only ones who may benefit from PayMeTap. Consumers can use the app to accept payments for things such as donations, lunch outings or tickets. They simply enter the payment amount into the app and tap the card to be charged. Money is deposited into the payee’s account within 48 hours.continue reading »