Tap on Phone technology and peer-to-peer (P2P) payments are two different methods of facilitating financial transactions, but they share some similarities in terms of their convenience and accessibility.<\/p>\n
Tap on Phone<\/strong><\/a><\/strong> technology refers to a contactless payment method that enables customers to make card payments using a mobile phone as a point-of-sale (POS) device. The merchant’s mobile phone is used as a card reader, allowing customers to tap their card on the phone to make a contactless payment.<\/p>\n P2P payments, on the other hand, are transactions between individuals who use mobile apps or online platforms to send money to each another. These transactions can be initiated from a bank account or a digital wallet.<\/p>\n When comparing Tap on Phone technology with P2P payments, there are some notable differences. Tap on Phone technology is primarily used by merchants to accept payments, while P2P payments are used by individuals to send and receive money.<\/p>\n If you\u2019re running a business, here are 5 reasons why Tap on Phone technology is the best low-cost payment option for your business.<\/p>\n A key difference between the two offerings is the maximum transfer amount. P2P payments are often capped with leading South African providers limiting transactions to R3000. However, with Tap on Phone transactions, there are no limits.<\/p>\n Currently, P2P is only available through selected banks, namely FNB, Standard Bank, ABSA and Nedbank. Conversely, Tap on Phone can accept payments using any South African bank card.<\/p>\n With P2P payments, both parties need to have registered for the service via their banking app to make a payment. With Tap on Phone technology, the merchant\u2019s app facilitates the transaction using the customer\u2019s bank card, which removes a possible barrier to payment.<\/p>\n Card-based transactions through point-of-sale devices (including tap on phone technology) enable businesses to process refunds which increases professionalism and customer satisfaction.<\/p>\n Providers like iKhokha offer easier access to business funding<\/strong><\/a><\/strong> when compared to traditional bank loans. With iKhokha\u2019s iK Tap on Phone, merchants can start selling with no upfront investment in POS hardware. They can then access working capital after just 3 months of trading.<\/p>\n\n
1. No Maximum Transfer <\/strong><\/h3>\n
2. Available to Any Bank <\/strong><\/h3>\n
3. Customers Don\u2019t Need an App <\/strong><\/h3>\n
4. Process Refunds <\/strong><\/h3>\n
5. Access to Funding <\/strong><\/h3>\n