Phone Killed the POS Terminal

The team of Paynetics and Phos
Photo by: Raiffeisen Bank Bulgaria

This year’s edition of Raiffeisen Bank’s Elevator Lab Challenge ended with a great success for one of our founding members Paynetics and their project Phos

After a day of mentoring and pitching sessions, Phos was chosen as the winner in Reiffeisen Bank’s competition. The start-up will receive a wildcard to pitch directly on the global semifinals of Elevator Lab Challenge. The company also starts a PoC with the bank’s local branch right away. 

Ivo Gueorguiev – Co-Founder of Phos, introduced the solution during the pitching session.
Photo by: Raiffeisen Bank Bulgaria

PHOS is a revolutionary application that turns any Android phone into a POS terminal. It has recently become one of the first mobile applications in the world to successfully pass Level 2 certification for acquiring contactless mobile payments. The application, developed by Paynetics, allows every merchant in the world to accept contactless payments from cards, mobile phones or other devices directly through a mobile phone.

PHOS is a solution which addresses all payment-related needs for a huge market consisting of micro, small and medium-sized merchants for whom traditional POS terminals are too expensive and inconvenient. Starting from markets with lower rate of penetration of contactless payments, PHOS aims to soon become the preferred POS solution for micro, small and medium-sized retailers around the world.

You can read more about Elevator Lab’s final in the article by Trending Topics.   

After the event the whole company celebrated over a cup of ice cream in the office. 

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