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Mastercard unveils cloud POS acceptance tech

Mastercard unveils cloud POS acceptance tech

Mastercard has teamed up with NMI and Global Payments to launch its first cloud point-of-sale acceptance technology.

Mastercard already helps businesses accept contactless payments using just an Android smartphone or tablet through its Tap on Phone technology.

Now, it is working with IT services provider Computer Engineering Group to pilot a cloud version that sees software hosted on Microsoft Azure.

Cloud POS moves key parts of the acceptance software - the components which enable the processing of contactless transactions and certain security functions - from the individual smartphone to the cloud.

This, says Mastercard, ensures strong security, cuts development and maintenance costs, and creates scalable distribution channels by allowing immediate connectivity to partners.

Cloud POS also becomes a new channel for Mastercard and its partners to offer value added services to customers and businesses.

The firm says it will make its pre-certified Cloud POS SDKs openly available in multiple cloud environments, encouraging fintechs, acquirers and processors to innovate and co-create new cloud-first products.

Milan Gauder, global head, acceptance solutions group, Mastercard, says: "We continue to see an accelerating shift to digital payments, with businesses of all sizes wanting to provide swift, secure, compelling point-of-sale experiences. Cloud POS enables us to make these experiences available to our partners with greater speed and efficiency."

Comments: (2)

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 12 January, 2021, 03:56Be the first to give this comment the thumbs up 0 likes

This can be game changer as traditional POS/EDC machine pose several challenges to migrate to Cloud. With most of the Cloud service providers aligned towards IT Security compliance of ISO 27K, PCI-DSS and Cloud POS software gives equal opportunity advantage to onboarded financial institutes and service providers to innovate their offerings.

A Finextra member
A Finextra member 13 January, 2021, 10:15Be the first to give this comment the thumbs up 0 likes

Total game changer but it needs acceptance on iOS devices also to crush the market.  Given the Mobeewave acquisition I would wager Apple is already working on a Payments ecosystem with all the Payments SMEs they have recruited into Cupertino over the last six years - on the back of their Postilion implementation.