Finaro Partners with Mastercard, Northmill, and NMI to Bring Cloud Commerce to Nordic Markets
Finaro, a global cross-border payment provider and fully licensed bank, has announced its partnership with payments technology company Mastercard, Nordic neobank and POS provider Northmill, and full commerce enablement technology company NMI. The partnership aims to bring Mastercard’s cloud-native software-based acceptance solution, Cloud Commerce, to small and medium-sized merchants across Sweden, Norway, and Finland.
The deployment of Cloud Commerce represents the next evolution in contactless payments, combining Tap on Phone, Pay by Link, and Click to Pay technology to make it easier for businesses to accept payments by accelerating acceptance rates and lowering entry barriers. With this new technology, merchants of any size can accept contactless payments from any contactless-enabled form of payment, be it a phone, card, or wearable. This vastly reduces POS terminal maintenance costs and dependence on inflexible physical infrastructure.
Finaro will provide payment processing and acquiring services to enable Mastercard’s Cloud Commerce solution for merchants who want to accept Tap on Phone payments on their eligible NFC-enabled devices. Northmill, on the other hand, will provide secure point-of-sale devices that accept contactless electronic payments from NFC-enabled Android smartphones. Northmill already has over 2,500 merchants and 600,000 end-users of mobile point-of-sale (mPOS) across the Nordic region.
NMI, who partnered with Mastercard on the initial Cloud Tap on Phone pilot and processes over $203 billion in payments volume, will operate as the key integration partner and distributor. This collaboration will provide merchants with the necessary tools to enable contactless payments and enhance the overall customer experience.
The launch of Mastercard’s Cloud Commerce in the Nordic region is the first step towards its planned commercial rollout in other European countries. With this new technology, small and medium-sized merchants can now offer their customers a seamless and secure payment experience. The partnership between Finaro, Mastercard, Northmill, and NMI will help to accelerate the adoption of contactless payments in the region, further driving the move towards a cashless society.