Spain's CaixaBank has built an app that lets merchants take payments, view account history, generate receipts and handle refunds from their phone, all without the need for additional hardware.
The Smartphone TPV app turns Android handsets into POS devices, letting merchants take Visa and Mastercard contactless payments and manages them with the same security as a traditional terminal.
CaixaBank says the product is ideal for the self-employed but also restaurants, retailers who make deliveries, and large firms.
Merchants sign up for the service to receive login credentials for the app and can then start accepting payments. When making a sale, the amount of the transaction must be entered on the main screen and then the customer holds their card (both physical or digital) up to the phone. If required by the transaction, the application asks for the PIN.
After confirming the purchase, a receipt can be sent via email or QR code. The app can also manage refunds.