Foloosi being one of the first payment service provider in partnership with MasterCard and Network International offering Tap On Phone services, an innovative digital solution that empowers merchants in the UAE for contactless transactions.
Tap on Phone payments allows businesses to accept payments digitally from any contactless card or mobile wallet or even a wearable wallet right on their NFC enabled smartphone device.
By simply turning smartphones into secure mobile points of sale, there will be no extra hardware required, as Foloosi Tap On Phone app is an ‘on-the-go’ digital payment solution for businesses, enabling quick and convenient payment options.
At point of sale, a customer can tap their card on the back of the business’s smartphone for the payment to be completed successfully without any hassle of the old traditional machines or facing challenges of cash transactions.
It is estimated by Statista that the total transaction value in the digital payment segment is projected to be around 8.5 trillion US Dollars in 2022 alone.
Once a merchant uses the Foloosi Tap app, they drastically reduce the need for the heavy and space occupying POS machines. POS machines come with a hefty price and the software needs regular maintenance. Whereas in the Tap On Phone, a smartphone acts as your mobile point of sale terminal and this kind of payment are handy and convenient for the merchant as well as the customer alongside.
Foloosi has served merchants in the UAE with an amazing suite of digital payments portal infrastructure. With nearly five thousand merchants using their Foloosi platform and over half a billion in transaction value being processed, Foloosi is committed to deliver state-of-the-art payments technology to its partners, merchants and customers alike, while consistently aiming to scale up its product offerings with every release.
Foloosi graduated from Sharjah Entrepreneurship Centre Sheraa incubator program, a part of the Fintech Hive in the DIFC, Abu Dhabi Youth Hub incubator centers, and is ranked by Forbes magazine as top 15 Fintech apps in the Middle East
Foloosi CEO, Mr Omar Bin Brek says, “Ever since the rise of the pandemic, we knew digital and contactless payments would be the need of the hour and Foloosi wanted to incorporate Tap-On-Phone at the earliest. We are now glad and excited that the launch date is past, and the product is live!”.