CM., a global leader in cloud software for Conversational Commerce, has acquired a $23. million (€2 million) minority stake in UK-based fintech company Phos Services Limited (Phos). This investment will enable Phos to expand into the United States and make new hires to expand its development team. In addition, both companies have signed a strategic collaboration agreement.
SoftPOS, the Phos-developed solution offered by CM, allows merchants to easily turn their Android device (PDA, smartphone, or tablet) into a secure payment terminal, without additional hardware costs or maintenance contracts. To make a payment, the customer simply swipes their card or phone (in case of using Apple Pay or Google Pay) on the back of the merchant’s Android device.
If you want to find more details about the recent partnership between CM. and the fintech company Phos, download for free the Born2Invest mobile app. Our companion app brings you the most important business news of the day so you can stay informed.
Unlike other players in the market, the CM.app powered by Phos also supports payments over $58 (€50)
Customers can securely enter their PIN on the merchant’s device or approve the payment via Apple Pay or Google Pay, as the app meets the highest VISA and Mastercard security standards. This will make payments faster and more secure.
Since this technology is perfectly suited to the events and hospitality sector, CM.deployed SoftPOS at the last Formula 1 Dutch Grand Prix, making it the first cashless event of this magnitude. SoftPOS is scalable and useful for sectors such as large retail chains, where it has helped reduce checkout times by enabling store staff to collect cash on the spot in the aisles. Other sectors can also benefit from its advantages, such as hospitality, events, cab drivers, or delivery services, helping them to accelerate their digital transformation.
For Jeroen van Glabbeek, CEO of CM: “Mobile payments are the future as we move towards a cashless society. Thanks to this partnership with Phos and our drive for innovation, we are able to offer an affordable, easy-to-use, and therefore accessible mobile payment solution for merchants of all sizes. By simplifying the payment process not only for merchants but also for their customers, SoftPOS drives contactless payments and is set to revolutionize this market. The business potential of SoftPOS is enormous, as can be seen in Apple’s recent acquisition of Mobeewave.”
Following the acquisition of the point-of-sale payment acceptance platform PayPlaza in March this year, this investment in Phos is the next step towards CM.’s goal of offering omnichannel payment and communication solutions from a single platform.
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