Member Exclusive, Payments

With launch of cloud point of sale, Mastercard powers an ecosystem to take on Square

  • Mastercard deployed the first live pilot of its cloud point-of-sale technology.
  • The cloud program enhances the global payments ecosystem built by Mastercard’s Tap on Phone solution which could give Square’s POS technology a run for its money.
close

Email a Friend

With launch of cloud point of sale, Mastercard powers an ecosystem to take on Square

Mastercard recently kickstarted the first live launch of its cloud point-of-sale offering, the Cloud Tap on Phone pilot program. With its cloud point-of-sale technology, Mastercard gives open access to solution providers and fintechs for the development of their own cloud based POS products.

The offering opens the door for a partner ecosystem that could potentially rival the point-of-sale products of payments innovator, Square. More than 2 million businesses worldwide use Square’s POS and it has supported around 340 million customer cards for transaction use.

SPONSORED

 

The cloud technology is hosted on Microsoft’s Azure cloud platform and builds on Mastercard’s earlier Tap on Phone solution which allows businesses to accept contactless payments through an Android phone or tablet and cancels out the need of a physical card reader. 

“Cloud Tap on Phone makes it easier for partners to develop their own cloud based solutions and distribute Tap on Phone to businesses with the development and certification of a software development kit,” said Nili Klenoff, Mastercard’s senior vice president of global acceptance solutions.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $59/mo Already an Outlier member? Sign in to your account

0 comments on “With launch of cloud point of sale, Mastercard powers an ecosystem to take on Square”

Payments

QuickBooks introduces new payments hardware for small businesses as everyone guns for Square

  • Intuit has introduced a new innovative, inexpensive card reader targeting small businesses.
  • Square's rising dominance over the SMB payment ecosystem is increasing competition around SMB payments.
Zachary Miller | July 26, 2021
Payments

Emphasizing high APY, Amex debuts checking account for SMBs

  • Kabbage Checking offers one of the highest APYs available to SMBs with 1.1 percent interest on balances up to $100,000.
  • SMBs can also access a line of credit between $1,000 and $150,000.
Shehzil Zahid | July 07, 2021
Payments

Capital One launches new flexible payment options for small business customers

  • Cash flow problems are among the biggest challenges facing small businesses, particularly during the pandemic.
  • Payments startup Melio will provide access to accounts payable and receivable cash flow management tools for Capital One’s SMB customers.
Ismail Umar | June 29, 2021
Payments

Affirm’s new deal with Shopify bakes it into Shop Pay Installments

  • The partnership gives Affirm a new distribution route with access to 1.7 million merchants.
  • A Barclays report says investors are underappreciating the partnership but that there’s no need.
Shehzil Zahid | June 24, 2021
Member Exclusive, Payments

Revolut moves into e-commerce with Revolut Shopper

  • Revolut Shopper allows users to find online discount deals while offering security with single-use virtual cards.
  • Other new features include purchase protection, username personalization, and the ability to track spending.
Ismail Umar | May 27, 2021
More Articles