SQ - Visa takes on Square as it rolls out Tap to Phone digital payments

After piloting Visa Tap to Phone digital payments over the past year, Visa (V) is rolling out the product in more than 15 markets with plans to expand to the U.S. in 2021 and accelerate its growth to the rest of the world through more than 35 new partners.Tap to Phone allows current generation Android smartphones and tablets to accept contactless, or tap to pay, transactions without additional hardware.In other words, the tool can help businesses access the digital economy by turning the merchant's Android device into a point-of-sale terminal, Visa said.The move will add more pressure to Square's (SQ) Seller and Fiserv's (FISV) Clover ecosystems aimed at small merchants who use the company's products to accept credit and debit card payments from customers through the merchant's smartphone.JPMorgan Chase (JPM) also is also taking aim at Square and fintech rival PayPal with its QuickAccept product that lets businesses take card

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Visa takes on Square as it rolls out Tap to Phone digital payments