Mastercard Signs Groundbreaking Tap-On-Phone Agreement with Geidea

Mastercard has recently signed a major agreement with Geidea, a leading fintech company in Saudi Arabia, to bring Tap-On-Phone technology to the country. This new agreement is set to revolutionize the way merchants accept payments and will greatly benefit both consumers and businesses.

Tap-On-Phone technology enables merchants to use their smartphones as payment acceptance devices, eliminating the need for separate point-of-sale (POS) terminals. This will not only save businesses money on hardware costs, but it will also simplify the payment process for customers, making it quicker and more convenient.

This groundbreaking agreement is especially significant in Saudi Arabia, where cash still remains a popular form of payment. By introducing Tap-On-Phone technology, Mastercard and Geidea are helping to accelerate the country`s digital transformation and drive greater financial inclusion.

The partnership between Mastercard and Geidea will also provide added security measures to protect both merchants and consumers. The Tap-On-Phone technology uses secure tokenization to protect sensitive payment information during the transaction process, ensuring that all payments are safe and secure.

The introduction of Tap-On-Phone technology in Saudi Arabia will greatly benefit businesses of all sizes, from small to large. By eliminating the need for separate POS terminals, businesses can save money on upfront hardware costs and ongoing maintenance. This will enable small businesses to better compete with larger retailers and help drive innovation and growth in the local economy.

For consumers, the use of Tap-On-Phone technology will provide a quicker and more streamlined payment process. Consumers will no longer need to carry cash or wait in long checkout lines, as payments can be made quickly and easily through their smartphone.

In conclusion, the agreement between Mastercard and Geidea to bring Tap-On-Phone technology to Saudi Arabia is a significant development that will greatly benefit both businesses and consumers. By simplifying the payment process and offering greater security measures, this new technology will help to accelerate the country`s digital transformation and drive greater financial inclusion.