finaroa global provider of cross-border payments and fully licensed bank, announces the implementation of Cloud Commerce in Europe in collaboration with the payment technology company mastercardthe Nordic neobank and POS provider Northmilland the leading complete trade enablement technology company, NMI. Following Mastercard’s launch in the United States in 2021, this alliance brings Mastercard’s cloud-native software-based acceptance solution, Cloud Commerce, to small and medium-sized businesses in three markets, Sweden, Norway and Finland, ahead of a planned commercial launch in other European countries. This solution can be adopted and applied in any geographical area in which Finaro operates.
Achiya Fried, Finaro’s Director of Business and Strategy, points out: «Finaro is delighted to join this implementation with Mastercard, NMI and Northmill, bringing the cutting edge capabilities of Tap on Phone payments to Nordic merchants. With these new capabilities, merchants can accept contactless transactions anytime, anywhere they want. And this implementation represents another important milestone for Finaro’s presence in the Nordic countries, which we consider a strategic territory in our global business.«.
He Cloud Commerce represents the next evolution in contactless payments, combining Tap on Phone, Pay by Link and Click to Pay technology to make payment acceptance easier by accelerating acceptance rates and lowering barriers to entry. Merchants of any size can accept contactless payments from any contactless payment method, be it phone, card or handheld devices, greatly reducing POS terminal maintenance costs and reliance on physical infrastructure. Finaro will provide payment processing and acquisition services to enable Mastercard’s Cloud Commerce solution for merchants who wish to accept Tap on Phone payments on their NFC devices.
Merchants working with Northmill are already using NFC-enabled Android smartphones as secure point-of-sale devices to accept contactless electronic payments. Northmill has more than 2,500 merchants and 600,000 mobile point of sale (mPOS) end users in the Nordic countries. For its part, NMI, which partnered with Mastercard in the initial pilot and which processes more than $203 billion in payment volume, will act as the main integration and distribution partner.
Tord Topsholm, CEO of NorthmillAdd: “We are delighted to partner with Finaro, Mastercard and NMI to bring the benefits of Cloud Commerce to small and medium-sized merchants in the Nordic countries. This is a game changer for businesses that want to provide a seamless, secure and convenient payment experience that meets the needs of their customers and will make it easier for merchants to accept contactless payments and focus on what they do best: serve to his clients«.
Davide Messina, Senior Vice President of Merchant Solutions Europe at Mastercard, adds: «The cloud drives our work to turn every device into a way to pay and read payments. It also gives our customers more flexibility, connecting to services faster and with less hardware. We are excited to be working with Finaro, NMI and Northmill on this launch to bring secure Cloud Tap on Phone payments to the European region.«.
According to Ruben Frimand Nielsen, Vice President of Sales and Business Development for the Nordic countries of Finarothe partnership between these companies represents a golden opportunity for merchants in the Nordic countries to bring the convenience of contactless payments to even more businesses: “With the Nordic region being one of the most advanced e-commerce markets in Europe, merchants there are familiar with mobile commerce and mPOS terminals, but this new offering takes payments to the next level.«.
Peter Galvin, Product Manager at NMI, comments: «The launch of the Cloud Tap on Phone pilot was very successful in the US, so we are delighted to expand this partnership to the Nordic market. Today’s consumers prioritize convenience, speed and ease of use in their checkout experiences, and this technology will help merchants provide the best possible contactless payment experience using smartphones instead of investing in additional hardware to process payments faster than ever«.