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Magnati Enables Businesses to Accept Contactless Payments on Their Own Phones with Technology from Fiserv
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Fiserv has partnered with Magnati to launch a new SoftPoS app enabling businesses in the UAE to accept contactless payments using Android devices. This technology allows cardholders to enter their PIN directly on the screen, eliminating the need for traditional card readers. With the growing demand for contactless payment solutions—53% of payments practitioners expect this method to dominate in the region within five years—this app aims to enhance digital payment accessibility and efficiency for businesses of all sizes, particularly in home delivery services.
Positive
Launch of the Magnati SoftPoS app allows businesses to accept contactless payments via Android devices.
Eliminates installation and maintenance costs associated with traditional PoS hardware.
Aligns with the rising demand for contactless payments in the UAE market.
Negative
None.
Businesses of all sizes will be able to use Android smartphones and tablets as contactless payment terminals
BROOKFIELD, Wis. & DUBAI, United Arab Emirates--(BUSINESS WIRE)--
Magnati, a regional leader in the payment solutions industry, is enabling businesses of all sizes to accept contactless transactions of any value using their own Android smartphones and tablets as a payments terminal. This new capability will be available through a mobile app downloaded from the Google Play store and enabled by software point-of-sale (SoftPoS) technology from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions.
The new Magnati app enables businesses of any size to accept contactless payments
The new Magnati SoftPoS app allows businesses to offer an increasingly in-demand service as the use of contactless payments has grown in the United Arab Emirates. The app optimises the contactless customer experience by allowing consumers to pay in a quick, seamless and secure manner. According to a McKinsey survey of payments practitioners operating in the Middle East, 53% expect contactless cards to lead payment methods in the region in the next five years.
Importantly, Soft Point-of-Sale from Fiserv, the solution enabling the Magnati SoftPoS app, enables cardholders to enter their PIN on the screen, a capability known as PIN on glass or PIN on mobile. This means that businesses can accept contactless payments of any amount, rather than being restricted to contactless payment limits or needing a separate card reader.
“As digital payments become the norm, our new contactless payments app can facilitate digital inclusion, allowing businesses of any size to accept contactless payments and realise new growth opportunities,” said Ramana Kumar, Chief Executive Officer at Magnati. “We are bringing an additional value-added service to our customers so they can run their business better and offer a new customer experience.”
The Magnati SoftPoS app removes the installation and overhead maintenance costs of dedicated PoS hardware. It is particularly useful for businesses offering home delivery of food or retail items, as drivers can accept payments from their own device, without needing to purchase or maintain additional hardware.
Businesses can download the app from the Google Play store and start accepting cashless payments easily. The app enables contactless transactions from contactless cards, NFC-enabled mobile phones or NFC-enabled devices such as wearables and key fobs. Businesses can also manage refunds and cancellations, generate receipts and view transaction details.
“Magnati’s aim is to offer new and advanced digital acceptance solutions to its merchants and set a benchmark for the industry to follow,” said Umer Farooq, Managing Director & Head of Payments Platform at Magnati. “We are excited to launch this SoftPoS solution under the umbrella of our Payments as a Platform initiative, a state-of-the-art digital platform that offers a wide range of value-added solutions. We are delighted to have partnered with Fiserv to provide a seamless experience to our merchants. In the fast-changing payment industry, we will continue to deliver next-generation solutions to support businesses.”
“Businesses are looking for better ways to connect with their customers,” said Jossan Maalouf, head of Fiserv in the Middle East and Africa. “The mobile payments era is here, and it’s important that businesses of all sizes are able to take advantage of the opportunity to operate more efficiently and grow their sales as they accept payments from anywhere. Magnati is making all of this possible for their customers with the launch of their new contactless payments app.”
Soft Point-of-Sale is a component of the Fiserv end-to-end acquiring ecosystem. In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com/en-me.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of FORTUNE World’s Most Admired Companies® for 11 of the past 14 years and named among the World’s Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.
About Magnati
Magnati is a regional leader in the payment solutions industry focused on direct acquiring, issuer processing and acquiring processing.
Magnati provides government, merchant and institutional clients with an intelligent payments platform that monetises data, using next generation technology to deliver improved experiences and increased efficiency. The Magnati brand is charged with energy and potential and is set to transform payments into possibilities.
Headquartered in Abu Dhabi, Magnati’s expertise and relationships provide a platform for Magnati to attract international partners, while setting a new standard for innovation and delivery in the payments industry.
What new payment solution has Fiserv launched with Magnati?
Fiserv has launched the Magnati SoftPoS app, enabling businesses to accept contactless payments using Android devices.
How does the SoftPoS app improve payment processing for businesses?
The app allows cardholders to enter their PIN on the screen, streamlining contactless transactions and reducing hardware costs.
What is the expected growth of contactless payments in the UAE?
According to a McKinsey survey, 53% of payment practitioners expect contactless cards to become the leading payment method in the UAE within five years.
How can businesses start using the SoftPoS app?
Businesses can download the Magnati SoftPoS app from the Google Play store to begin accepting cashless payments.
