NCB Jamaica Limited is introducing a new tap-on-phone contactless payment solution, currently being piloted with a select number of its micro-, small-, and medium-sized (MSME) customers—marking a significant advancement in the domestic payments industry.

The bank has partnered with renowned fintech-as-a-service provider, Soft Space, to deliver this innovation to its customers, adding that it is designed to meet the growing demand for contactless payment options similar to those popular in the United States and Europe. 

“This new contactless payment solution is a major step forward for our MSME clients,” Danielle Cameron Duncan, NCB’s vice president of payments and digital channels shared.

“It meets the increasing demand for more convenient, cost-effective, and secure world-class payment options while equipping businesses with the tools they need to operate more efficiently in today’s fast-paced environment. This is a continuation of our commitment to delivering innovative, efficient, and eco-friendly payment solutions that empower businesses to thrive in today’s digital economy.”

The tap-on-phone feature will enable Android users to accept payments using contactless EMV-chip cards, or any near-field communication (NFC)-enabled device including wearables, or a digital wallet like NCB Pay. By leveraging near-field communication (NFC) technology, the tap-on phone solution allows any Android device to function as a point-of-sale terminal, the bank explained.

NCB customers interested in the solution can download the app from the Google Play Store and register for the solution from NCB before they can start accepting payments.

“Contactless and tap-on-phone solutions are increasingly popular globally, and we want to ensure merchants have access to a complete range of acceptance solutions, enabling expansion of their businesses. Our ePOS solution eliminates the need for costly infrastructure and hardware investments, saving businesses on upfront costs and ongoing maintenance fees,” Cameron Duncan explained.

“Given our commitment to innovation and leadership in the local Payments sector, we’re happy to be the first to offer this kind of solution in the English-speaking Caribbean.”

NCB anticipates that the implementation of the technology will have a transformative impact on the local payments industry to create a seamless and modern payment experience for both businesses and consumers. The integration of advanced payment solutions like ePOS, NCB says, will foster the growth and adaptability of the Jamaican business landscape.

Merchants using NCB’s ePOS will receive settlements in their NCB JMD and USD bank accounts as fast as the next day – including weekends – enabling them to have quick access to their money. They will also have access to a secure portal for real-time tracking of their transactions, enhancing their ability to reconcile their accounts.

“NCB’s efforts to advance cashless societies align with our commitment to promote financial inclusion worldwide,” said Joel Tay, CEO of Soft Space. 

“With this solution, Jamaican merchants can safely and affordably process transactions from domestic consumers, as well as transactions from the large volume of incoming tourists from countries with high credit card penetration, such as the US and Canada.”