IDEMIA is teaming up with Soft Space to make it easier for merchants to accept contactless payments. Soft Space is the developer of the Fasstap Tap on Phone solution, which essentially turns standard consumer devices like tablets and smartphones into secure payment terminals.
Once Fasstap is set up, customers can present either a contactless payment card or a phone-based mobile wallet like Apple Pay to complete an in-store payment, just as they would at a traditional payment terminal. The solution is especially appealing to smaller merchants, since it allows them to upgrade their payment infrastructure without needing to invest in dedicated (and expensive) payment hardware.
IDEMIA, meanwhile, will be integrating Fasstap with its own digital payment and identity platforms. Its identity technology will presumably help with the onboarding process, so merchants can set up their Fasstap accounts more quickly and begin accepting contactless payments on their mobile devices.
Soft Space first unveiled its Tap on Mobile technology in collaboration with JCB back in 2020. Fasstap has since gone on to be certified for use with every major card scheme, and IDEMIA is hoping that the partnership will accelerate digital transformation in the retail sector. Tap on Phone supports PIN verification for additional transaction security.
“Our collaboration will advance worldwide contactless card acceptance, grow new markets for both companies, while addressing the needs of all stakeholders in the payments value chain,” said Soft Space CEO Joel Tay.
“We are pleased to join forces with [Soft Space] to deliver digital, frictionless and cost-effective payment acceptance for merchants and financial institutions worldwide,” added IDEMIA Digital Financial Institutions SVP Mehdi Elhaoussine. “This partnership will also enable us to enter new market segments, taking us a step closer to realise our vision of transforming payment services by bridging the physical and digital worlds.”