HEALTHPLAN MAGAZINE

CaixaBank, a leading Spanish bank, has made waves in the financial industry by announcing the launch of a new app that enables contactless payments from Android devices. This groundbreaking move positions CaixaBank as the first Spanish bank to offer this service without the need for an additional device, setting a new standard in mobile banking innovation.

The Smartphone TPV app, developed by CaixaBank, provides functionalities similar to a traditional point of sale (POS) terminal, empowering businesses, professionals, and self-employed individuals of any size and sector to accept credit card payments seamlessly from their mobile devices. This app revolutionises the payment landscape, eliminating the need for physical terminals and streamlining the payment process for merchants and customers alike.

How will it work?

To access the app, merchants simply need to sign up for the service as CaixaBank customers and obtain their login credentials. With this secure login, merchants can dive into a new era of mobile payments. Making a purchase is as easy as entering the amount and having the customer hold their physical or digital card near the phone. The app may prompt for a PIN if required, ensuring the utmost security.

After confirming the purchase, merchants are presented with the option to generate a receipt, which can be delivered to the customer through various methods. The app offers three convenient options: displaying the receipt on the screen, sending it via email, or generating a QR code. Additionally, the CaixaBank application enables efficient management of refunds, providing a comprehensive payment solution.

This groundbreaking app comes as a response to the growing popularity of contactless payments in Spain. Banks such as CaixaBank, Santander, and BBVA have increasingly embraced contactless technology, offering contactless cards to their customers. The introduction of CaixaBank's app is expected to accelerate the growth of e-commerce in Spain, which experienced a notable surge from $38.3 billion in 2017 to $61.6 billion in 2019. While the COVID-19 pandemic temporarily affected this trajectory, the market is projected to quickly recover.

Industry experts anticipate that the e-commerce market will reach an impressive $106.5 billion by 2025, reflecting a compound annual growth rate of 12.5% between 2021 and 2025. CaixaBank's forward-thinking approach aligns perfectly with these projections, catering to the evolving needs and preferences of customers in an increasingly digital world.

By empowering merchants to leverage their Android devices as payment terminals, CaixaBank is not only transforming the payment experience but also facilitating the growth of businesses and promoting financial inclusion. With the Smartphone TPV app, CaixaBank cements its position as a pioneer in mobile banking, setting a new standard for seamless and secure contactless payments in Spain and beyond.

Source

https://www.electronicpaymentsinternational.com/news/caixabank-launches-new-app-for-pos-sales/