With global digital payments set to hit a record $4.7 trillion transaction value this year, this market is showing no signs of slowing down. Simple to set-up and low cost, SoftPOS solutions are perfect for small and medium merchants looking to capitalize on the digital commerce trend.
Our customer Synthesis was keen to launch a SoftPOS solution to address demand for contactless payments in Africa. Synthesis is a specialized software development company that offers solutions and services to many of Africa's largest banks and financial institutions.With
In this Q&A, we speak to Pierre Aurel, Product Manager at Synthesis, to learn more about how FIME supported them to achieve the first automated Mastercard TEI accreditation for a new SoftPOS solution.
Q: Firstly, what are SoftPOS solutions?
Q: What are the benefits for the market?
PA: SoftPOS solutions allow small merchants and sole traders to accept digital payments in a cheap and simple way, driving digitalization, financial inclusion and boosting their offering for consumers.
These solutions are growing in popularity, especially in a time when safer and more hygienic payment methods are essential. The number of contactless cards issued is expected to rise above two billion in 2020 due to the Covid-19 pandemic. Likewise, wearables and mobile wallets are also experiencing strong growth, so it is important for us to keep up with increasing consumer demand for new and seamless payment methods.
Q: What were Synthesis’ requirements for its solution?
PA: We needed to test and validate the functionality of our Tap on Phone solution in line with the Mastercard Test Environment Interface (TEI) L2 requirements.
This is a fast-moving market so we wanted to do everything possible to ensure a smooth process. We needed expert support to guide us through the complexities of certification. Automated testing was key to speed up the process to save time and money, and reduce manual error. This was important to us as we wanted to ensure that our solution was high-quality and could be trusted to handle sensitive cardholder data.
Outside of the testing itself, we were under pressure to meet deadlines so needed a partner that had expertise in SoftPOS innovation to help us fast-track compliance.
Q: Why did Synthesis choose FIME for this project?
Q: What was FIME able to deliver?