Businesses can now accept contactless payments directly on their iPhone, without an additional terminal. Monobank has expanded the functionality of its Terminal by mono app, and it now works not only on Android, but also on iOS.
Businesses can now accept contactless payments directly on their iPhone, without an additional terminal. Monobank has expanded the functionality of its Terminal by mono app, and it now works not only on Android, but also on iOS.
The launch was announced by the bank’s co-founder Oleg Gorokhovsky on his Telegram channel. According to him, this was a logical step after the launch of the Android version: «Today we finally fixed it,» Gorokhovsky wrote. He also joked that during testing he installed the terminal on his wife’s smartphone, and now she «debits money for breakfast from it every day.»
The Terminal by mono app allows businesses to accept contactless payments with bank cards, smartphones, or watches using Tap to Pay technology. All you need is an iPhone XS or newer, no separate POS terminal is required. The business owner needs to install the app, enter the amount, and the customer can tap their card or smartphone to pay.
According to official information on the monobank website, the service allows you to fiscalize payments, works in accordance with the law, and guarantees data security: they are not stored on the device or on Apple or Monobank servers. The terminal also integrates with the PPO, which is important for individual entrepreneurs and small businesses.
Previously, the app only worked on Android, but its launch on iOS will significantly expand its audience. Now, not only coffee shops, taxis, or beauty salons can accept contactless payments from their phones, but also any business owner with an iPhone.
The bank launched the «Terminal in a Smartphone» service in 2022 and it has become a popular alternative to classic POS terminals for small businesses. The transaction fee starts at 1,3%, and connection takes a few minutes.
We previously wrote about how Monobank began testing a web version of its marketplace. The first products can already be seen on a separate website, although there is no full functionality for online purchases yet.
