Nubank turns cell phones into POS terminals for corporate clients

The so-called NuTap allows corporate customers to collect payments using only their cell phones as a POS terminal

Brazil's Nubank launches mobile POS terminal
Photo: Nubank/Courtesy
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Brazilian neobank Nubank has just launched a new feature within the fintech’s corporate account, NuTap, a POS terminal without the hardware: the solution allows Nubank‘s corporate customers to collect payments using their cell phones as POS terminals, within the account app.

NuTap uses the payment platform provided by another fintech, Zoop, and runs on a contactless basis with both credit and debit cards as well as digital wallets (in this case, just hold the cell phone close to NuTap to make the payment). For now, NuTap only accepts Mastercard and Visa cards.

According to Nubank, NuTap has no joining fee, monthly fee, or lease, and charges fees up to 30% cheaper than those charged in the market – for debt sales, the fee is 1.49%, and for cash credit, it is 3.19% For installment purchases, the fee changes according to the number of installments, but the maximum fee for purchases up to 12 installments is 12.49%. For now, only payments over BRL 2 and less than BRL 199 will be accepted.

READ ALSO: LatAm’s Nubank beats revenue estimates on strong client additions

The POS terminal on the cell phone is another step in Nubank‘s strategy to approach the small and medium-sized companies market in Brazil. The digital bank ended the first quarter with 1.6 million corporate customers, a 167% increase over the same period last year. Nubank reached 57.3 million clients in Brazil.

To turn the cell phone into a POS terminal, Nubank‘s corporate customers must request the service directly from the account app. But for now, only customers with Android phones can use NuTap.

READ ALSO: Brazil’s PIX instant payments bring financial and digital inclusion to another level, shows EBANX’s Beyond Borders study

Nubank Crypto

Following the strong trend of cryptocurrencies, Nubank launched a few days ago the cryptocurrency buying and selling service on the app from BRL 1. The new service is provided through a partnership with the US fintech Paxos, which will supply the necessary blockchain infrastructure for bitcoin and ether transactions. Paxos provides the same service to Mercado Pago, the financial arm of Mercado Libre.

According to Nubank, the solution was designed to “democratize the access of Brazilians to the crypto universe”. The fintech company mentioned a survey based on data from B3 and Brazil’s Securities and Exchange Commission that shows there is real demand: the number of people investing in cryptocurrencies in Brazil has grown by 938% in 2021.

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