Tap on phone payments in the works for NCB merchants

The content originally appeared on: Jamaica News Loop News

National Commercial Bank Jamaica Limited (NCBJ) is launching a new tap on phone contactless payment solution, the first of its kind in the English-speaking Caribbean. This solution will be piloted with a select number of NCB’s Micro, Small, and Medium-sized Enterprise (MSME) customers, marking a significant advancement in the local payments industry.

Designed to cater to the growing demand for contactless payment options similar to those popular in the US and Europe, this solution enables Android users to accept payments using contactless EMV-chip cards, or any Near Field Communication -(NFC) enabled device including wearables, or a digital wallet like NCB Pay. By leveraging near-field communication (NFC) technology, the tap on phone solution allows any Android device to function as a point-of-sale terminal.

NCB customers interested in the solution simply need to download the app from the Google Play Store and register for the solution from NCB, before they can start accepting payments by tapping contactless cards on their NFC Android phones and tablets.

“This new contactless payment solution is a major step forward for our MSME clients,” said Danielle Cameron Duncan, Vice-President of Payments and Digital Channels at NCB. “It meets the increasing demand for more convenient, cost-effective, and secure world-class payment options while equipping businesses with the tools they need to operate more efficiently in today’s fast-paced environment. This is a continuation of our commitment to delivering innovative, efficient, and eco-friendly payment solutions that empower businesses to thrive in today’s digital economy.”

Cameron Duncan added, “Contactless and tap on phone solutions are increasingly popular globally, and we want to ensure our merchants have access to a complete range of acceptance solutions enabling expansion of their business. Our ePOS solution eliminates the need for costly infrastructure and hardware investments, saving businesses on upfront costs and ongoing maintenance fees. Given our commitment to innovation and leadership in the local Payments sector, we’re happy to be the first to offer this kind of solution in the English-speaking Caribbean.”

NCB has partnered with renowned Fintech-as-a-Service provider, Soft Space, to deliver this innovation to its customers.

“NCB’s efforts to advance cashless societies align with our commitment to promote financial inclusion worldwide,” said Joel Tay, CEO of Soft Space. “With this solution, Jamaican merchants can safely and affordably process transactions from domestic consumers, as well as transactions from the large volume of incoming tourists from countries with high credit card penetration, such as the US and Canada.”

The implementation of this technology is expected to have a transformative impact on the local payments industry, offering a seamless and modern payment experience for both businesses and consumers. By integrating advanced payment solutions like ePOS, NCB continues to support the growth and adaptability of the Jamaican business landscape.

Merchants using NCB’s ePOS will receive settlements in their NCB JMD and USD bank accounts as fast as next day – including weekends – enabling them to have quick access to their money. They will also have access to a secure portal for real-time tracking of their transactions, enhancing their ability to reconcile their accounts.

NCB’s tap on phone contactless payment solution will be available to local merchants before the end of 2024.