Startup Daily TV: Australian fintech Quest has developed tech for merchants to accept payments on their phone

Melbourne-based fintech Quest Payment Systems has developed a tap-to-phone payments solution, Airpay TAP, that recently received approval from payments regulator Australian Payments Network (AusPayNet) for use for businesses to take payments via their smartphone.

The first-of-its-kind SoftPOS (as they’re known) allows merchants to accept contactless card payments on almost any modern Android smart phone via an app. Airpay TAP works in the same way a traditional payment terminal operates with high value transactions being processed securely using a PIN as verification. The tech was successfully trialed by NAB and Visa in 2019.

Quest CEO Jan Mason said Airpay TAP has the ability to significantly improve the day-to-day operations of businesses of all sizes.

“This solution facilitates fast, flexible and convenient payments processing Australian consumers are after,” she said.

“Quest has gone to great lengths to provide a level of security on par with that of a traditional payment terminal, enabling protection at all points through the transaction process, while also ensuring the mobile device maintains a constant level of integrity.”

Since its launch, Mason said Quest’s technology has seen strong demand, including major financial institutions and retailers both domestically and internationally.

Transactions over the contactless limit will still require cardholders to use their PIN to authorise payments, which can be entered on the screen of the Android device.

Jan Mason spoke to the Startup Daily show on ausbiz recently to tell us more about Quest’s home-grown technology and the potential for Airpay TAP.

Click on the story below to hear what she had to say about it.