Finance Incorporated is an electronic money institution that operates the brands iPaymix, Paymix Pro, and Paymix VIA, delivering account, payments, and card services. Paymix SoftPoS is the firm’s latest launch developed through its partnership with phos.

Phos’ Tap-to-Pay solution uses state-of-the-art technology for secure transactions through a mobile device. The user-friendly design allows for the quick, easy and contactless processing of payments, bringing added convenience to businesses and consumers alike.

By making use of hardware that merchants already own, the phos solution enables businesses to rapidly increase the number of payment acceptance points they offer without having to buy expensive traditional card readers.

Research shows that without electronic payment acceptance, SMEs risk losing their most digitally-savvy customers and associated revenues. With the increased adoption of SoftPoS, it’s predicted that by 2027, there will be five times the number of merchants, reaching up to 34.5 million according to Juniper Research.

In bringing a Tap-to-Pay solution to market, Paymix will provide best-in-class onboarding along with special offers that can benefit underserved segments in the market including female entrepreneurs and non-German business owners.

Now that the partnership is in place, Paymix will focus on maturing the product with value-added services to complement plans to roll out to additional markets in the EU later in 2023.

Brad Hyett, CEO of phos, said: “Paymix has bold ambitions to enter the German market and our partnership is a significant step forward in this direction. We understand the needs of their merchants and bring secure, contactless payments on mobile to businesses across Germany and the EU. We are looking forward to assisting in driving the adoption of Tap-to-Pay technology and offering our tech stack to companies who can amplify SoftPoS on a global scale”.

Cenk Kahraman, CEO at Finance Incorporated Limited, added: “As part of our commitment to supporting small businesses, we are looking forward to seeing the future developments of our offering partnering with phos, a leading service provider in digital payments. We are taking on Germany as the first market to launch this solution. With the size of the market, the demand and the opportunity, we are confident that this technology will be well-received by German merchants. We’re also working hard to ensure that we provide small businesses with quick settlements and easy financing to ensure continuous growth. We are claiming our role to be a future solution driver in the SoftPoS space.”

Phos currently has 19 certified acquirer connections, as the fintech continues to expand globally. It plans to increase this number exponentially to satisfy the needs of tier-one providers and requirements across international markets. Additional acquiring certifications are currently in progress and will be announced this year.

Its latest partnership with Paymix comes amid growing market interest in SoftPoS and Tap-to-Pay technology. Phos has recently been acquired by Ingenico, the global leader in payment acceptance solutions.