The Smartphone TPV app will offer functionalities similar to a traditional point of sale (POS) terminal and the option to send the receipt to customers by email or QR code. The app will be available to businesses, professionals and self-employed of any size and sector, enabling them to accept credit card payments of any amount from mobile devices.

In addition, the app allows banks to improve the shopping experience for their customers, with merchants who want to convert their phone into a payment terminal now simply downloading the Smartphone TPV app.

How the CaixaBank app works

As a CaixaBank customer who has signed up for the service, merchants will get login credentials, which they need in order to access the app.

To complete a purchase, merchants must introduce the amount and have the customer hold their physical or digital cards near the phone. The app may then ask for a PIN if needed.

After confirming the purchase, the option to generate a receipt will appear, and merchants can send it to the customer by one of three methods: displaying it on the screen, sending it by email or generating a QR code. The CaixaBank application also lets you manage refunds. The reason behind the app

The reason behind the app

The move follows a rise in contactless payments on the Spanish market, with banks such as CaixaBank, Santander and BBVA increasingly offering contactless cards.

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CaixaBank’s new app will further boost e-commerce growth, which went up from $38.3bn in 2017 to $61.6bn in 2019 before slowing down due to Covid-19.

Following the pandemic and with the market expected to recover quickly, experts predict the e-commerce market will reach $106.5bn in 2025, at a 2021-2025 compound annual growth rate of 12.5%.