UK-based mobile payments company WIZZIT Digital has launched its ‘Tap2Pay SoftPOS with PIN’ solution for merchants.

The software-only solution allows online or in-store merchants to accept “tap and go” payments secured by a PIN, on their Android smartphones enabled with near-field communication (NFC) technology.

This removes the need for a separate physical card reader as the software allows merchants to convert their phones into a POS terminal for accepting card payments.

Moreover, WIZZIT offers its patented secure “soft” PIN pad, removing the need for a separate PIN-entry device.

While paying, customers can tap their card and enter the PIN on the merchant’s device.

Alternatively, merchants can ‘push’ the PIN entry to the customer’s Android or iOS mobile device, thus enabling contactless payments.

For customers, the Tap2Pay SoftPOS with PIN solution also offers paperless receipt services as well as reduces their wait time.

For online and in-store merchants or retailers, it reduces card fraud and decreases transaction costs.

The new solution can be downloaded on an NFC-enabled Android smartphone or integrated with an existing merchant or financial service provider app.

WIZZIT Digital CEO Brian Richardson said: “Simply put, WIZZIT Digital’s Tap2Pay solution transforms commercial off-the-shelf smartphones and tablets into secure contactless payment terminals that require no additional hardware, plug-ins, card-readers, or dongles to accept PIN-protected card payments.

“The PIN-protected feature of the solution means there is no limit to the payment amount a merchant can accept – unlike regular contactless payments that are not PIN protected.

“Ultimately, with PIN protection merchants can securely accept any card payment regardless of the amount, and regardless of any contactless payment limits.”

Initially, WIZZIT will launch the new solution for one of the largest Pan-African commercial banks, next month.

The name of the bank has not been disclosed.

Both Mastercard and Visa have certified the solution based on functional, security and branding requirements.

Going forward, WIZZIT aims to facilitate this solution for financial institutions and payment gateways that plan to offer digital payment services to about 130 million micro or small merchants globally.