Fiserv Cashless Payment Innovations for Merchants, Insurers Receive 2020 Payments Awards
Warsaw, Poland, 18 December 2020 – Fiserv, a leading global provider of payments and financial services technology, has won two 2020 Payments Awards thanks to the company’s innovative and pioneering approach to cashless payments.
“First and foremost, these awards recognise the work of the entire team, as well as the innovative mindset and courage of our partners. Both awards are not only a source of great pride, but also serve as additional incentive for further growth. I am glad to be able to work with trendsetters shaping the world of cashless payments,” said Krzysztof Polończyk, President of First Data Polska, now Fiserv.
The Payments Innovation of the Year Award was presented for the SoftPOS PIN on Mobile solution from Fiserv, a technology developed in conjunction with Visa, Samsung and PayCore. The solution enables cashless payment acceptance by merchants on their own devices, such as smartphones or tablets, for any payment amount and without the need for additional equipment. The solution, which is currently being piloted in Poland, opens up the possibility of increased use of mobile devices as payment terminals worldwide.
“The popularity of non-cash payments in Poland continues to grow. We already have over a million terminals in Poland, and connecting smartphones and tablets to this huge network will not only increase the share of cashless transactions, but above all will have a positive impact on the cash flow of merchants, small businesses and service providers,” says Rafał Galiński, Products Development Director at First Data Polska, now Fiserv.
The B2B Payments Innovation of the Year, TubaPay, is a mobile application developed jointly by Fiserv and Bacca Sp. z o.o., a Polish company specialising in the development of payment services for the insurance market. Combined with a Polcard payment terminal, TubaPay allows insurance agents to accept payments for premiums to multiple companies using one device. It also enables automated collection of instalments by allowing accounts to be saved. After the service has been activated, payments are debited automatically on appropriate dates, similar to a subscription for streaming services, such as Netflix. The app is available on Android and can be downloaded from Google Play. Nine insurance companies are already using TubaPay, with more anticipated to do so in the future.
“The revolution of the insurance market is live. Until now, payments for policies were made by bank transfer or cash, and terminals were unpopular due to operating costs. Agents needed separate terminals for each insurance company. The multifunctionality of the Polcard terminal, the fruitful cooperation with Bacca, and the TubaPay app challenged that status quo, and the process of signing contracts and subsequent payments has become much more convenient,” explains Eleni Damps, Sales Director, Key Accounts Department at First Data Polska, now Fiserv.
Now in its eighth year, the Payments Awards recognise and celebrate companies which have demonstrated excellence and innovation in the payments space.
First Data is now Fiserv.
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500 and is among FORTUNE World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.
About Bacca Sp z.o.o.
Bacca Sp. z o.o. is a Polish company specialising in payment solutions on the insurance market. The company successfully introduced the first cashless instalment payments in Poland, followed by cyclical card payments. Presently, it is developing its flagship service – TubaPay, based on an integrated payment terminal enabling cashless settlements between insurance companies and agents, as well as card payment for insurance policies.