Any transaction that can be processed on a POS system can now be completed on a smartphone with Paymagnet.
WASHINGTON – UATP announced that it is partnering with contactless payment specialist, Paymagnet, to supply Member airlines with the capability to accept contactless card payments directly within an airline's mobile app on any NFC-enabled smartphone.
"This strategic alliance provides UATP Merchants with Paymagnet's anti-fraud approach to accept mobile In-App card payments tailored to the airline industry," Paymagnet/s executive director, Martin Glettler M.Sc., stated. "The initial focus of the partnership will be to work with Low Cost Carriers in Europe, where in some areas contactless payment penetration is up to 40-50%."
Any transaction that can be processed on a POS system can now be completed on a smartphone with Paymagnet. The client simply taps a credit card towards the smartphone's NFC sensor, and then Paymagnet scans the card, validates it and processes it instantly. Since a physical card must be present at payment, travelers are protected from stolen card number fraud.
"UATP connects airlines to alternative forms of payment brands across the globe; by adding Paymagnet, we enhance our portfolio and are able to offer contactless payments, which is only expected to continue to increase with the recent European mandate that all POS systems must have contactless payment acceptance capability by 2020," noted Ralph Kaiser, UATP's President and CEO.
Paymagnet takes pride in offering the most intuitive, personal and secure mobile NFC interface that allows merchants to accept payments from anywhere with a smartphone. Earlier this year, Paymagnet was listed as a BBVA Open Talent 2016 finalist, an award dedicated to recognizing innovative technological projects that influence the financial industry.
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She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
