Small and Medium-sized Merchants' Physical Card Mobile Payment Solution

  • Smart Economy
  • Finished
  • Top-Down

Accepting payments through traditional physical cards (such as credit cards, EasyCard, etc.) requires renting card-swiping equipment, which increases the operating cost of small and medium-sized merchants. In addition to the hardware, the network or power required can lead to more issues encountered. Therefore, the smaller vendors seldom take payments through physical cards. The company proposes a solution that enables small and medium-sized businesses to take the physical card mobile payment, which is cheaper and does not require leasing equipment, further reducing the transaction time, personal contact, and merchants' operating cost.

This trial project is a collaboration with Insto, which enables merchants to apply for accepting payment through credit cards online, eliminating the need for physical card-swiping equipment and improving merchant's payment collection efficiency. The INSTO Tap App developed by the collaborating partner converts mobile phones into a card-swiping machine through a mobile App, so that consumers can just use their physical cards for the detection or swiping a code to complete payment, reducing the barrier of access to consumers.

Illustration: Transaction procedures of Insto (provided by Insto)

Expected Benefit

Help merchants offer more cashless collection services, which will expand contactless economy, facilitate the digital transformation of the retail market and reduce transaction time and cluster risk.