NatWest Bank announced the launch of a software solution for retail outlets (SoftPOS).
As a result of the implementation of this solution, sellers in the UK will be able to accept contactless payments in person on Android NFC smartphones.
The financial institution is implementing the Tap to Pay feature on Android through its Tyl by NatWest payment platform. This application provides users with the ability to accept payments that have been made using physical credit or debit cards, as well as through digital wallets. To make such transactions, consumers only need a smartphone, the use of any other equipment is not provided.
NatWest states that against the background of the presence of terminals in the financial services space for servicing customers using physical cards, Tap to Pay on Android is a worthy alternative, relevant for companies that do not need a permanent solution and who sell or buy products belonging to the category of seasonal goods.
The financial institution also claims that the digital solution is beneficial to large firms that need a cost-effective way, within the framework of which a large number of employees will be able to accept payments without the need to use physical service terminals.
Fast integration and no need for additional hardware allow NatWest Tap to Pay on Android to simplify for businesses the ability to make contactless payments in person with minimal cost and effort. This solution provides businesses with an additional way to generate revenue.
Initially, NatWest plans to implement the Tap to Pay solution on Android for a small group of Tyl users. The full launch of this solution will take place before the end of this year.
NatWest’s current development strategy is aimed at expanding the scope of its activities. The financial institution has established partnerships with many companies. The bank has also launched products with a wide geography of applications.
In March 2023, NatWest made its new customer attribute exchange service available to companies in the form of an embedded digital data identification product. This project was implemented in cooperation with OneID.
As we have reported earlier, NatWest Rolls Out Digital ID Service.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
