POS Checkout: Paytweak Introduces a Mobile App to Replace POS Devices

Paytweak, a Norman FinTech specialising in remote payments' security, launches a universal m-payment app for in-store checkout.

Goals: simplify and secure non-contactless transactions.
Targets: The app can be used by banks, card issuers, industry players, pure players, retailers, the hospitality sector and international tour operators.
This solution is available in Android, iOS and Windows. It directly links to banks and merchants’ PSPs. The idea is to let merchants accept all means of payment (card, credit transfer and instant payment via QR code) using their smartphone or tablet, and without having to implement a physical POS terminal.
Business Model: A monthly subscription will apply, with costs depending on transaction volumes, in SaaS mode or via APIs.
How it works
- If the merchant’s smartphone is NFC-enabled, the customer may tap his payment card against this device.
- If not, he may scan his payment card using the merchant’s smartphone or tablet.
- He receives a one-time use code by SMS.
- In order to complete his purchase, he enters this code in the merchant’s Paytweak app.
- He may also pay via tapping his mobile phone to the merchant’s smartphone if Apple Pay or Google Pay are installed.
This solution also provides merchants with an instant in-app overview of their Paytweak payment flows. A feature also relevant for networks of stores with POS payments likely to be handled remotely.
This new service has already been adopted in Thomas Cook and BNP Paribas branches. It has also been rolled out with more than 580 international clients.

Security remains key. Paytweak claims they want to ensure a higher security level –even stronger than bank grade requirements– with a unique algorithm for each customer. With this app, a new encryption key is used every hour to secure transactions.
Reducing costs. Paytweak also claims they charge lower costs compared to typical POS devices costs. They do not charge transaction fees either.
Planning a funding round. Paytweak plans to break even this year and raise €5 million in the months to come. This funding round would contribute to expanding their teams and international development. They would for instance aim for the US, Russia and Japan.

A year ago, Paytweak raised €1 million to achieve success at an international scale. With this new launch, they land on the market for in-store payments and hope they can grow stronger in this ecosystem.
Several FinTechs –including Square, iZettle or Smile&Pay in France– have entered the market for POS checkout. Paytweak takes the concept one step further as they don’t require a dedicated tool for reading card information (other than the merchant’s smartphone or tablet).

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