Finaro, Mastercard, Northmill and NMI partner to pioneer first Cloud Commerce deployment in Europe


Stockholm, 2023-03-24: Finaro, Mastercard, Northmill and NMI will bring cloud-based Tap on Phone contactless acceptance to small and-medium-sized businesses in the Nordics

Finaro, the global cross-border payment provider and fully licensed bank, has today announced its European Cloud Commerce deployment with payments technology company Mastercard, Nordic neobank and POS provider, Northmill, and leading full commerce enablement technology company, NMI. Following its launch in the U.S. in 2021, this partnership will bring Mastercard’s cloud native software-based acceptance solution, Cloud Commerce, to small and medium-sized merchants across three Nordic markets – Sweden, Norway, and Finland – ahead of a planned commercial roll-out in other countries across Europe.

Cloud Commerce represents the next evolution in contactless payments combining Tap on Phone, Pay by Link, and Click to Pay technology to make it easier for businesses to accept payments by accelerating acceptance rates and lowering entry barriers. Merchants of any size can accept contactless payments from any contactless enabled form of payment – phone, card or wearables – vastly reducing POS terminal maintenance costs and dependence on inflexible physical infrastructure.

Finaro will provide payment processing and acquiring services to enable Mastercard’s Cloud Commerce solution, for merchants who want to accept Tap on Phone payments on their eligible NFC-enabled devices.

Northmill’s merchants are using NFC enabled Android smartphones, as secure point-of-sale devices accepting contactless electronic payments. Northmill already has more than 2,500 merchants and 600,000 end users of mobile point-of-sale (mPOS) across the Nordic region. Additionally, NMI who partnered with Mastercard on the initial Cloud Tap on Phone pilot and processes over $203 billion in payments volume, will operate as the key integration partner and distributor.

Achiya Fried, Chief Commercial and Strategy Office for Finaro, adds: “Finaro is delighted to join this deployment with Mastercard, NMI and Northmill, bringing the cutting-edge capabilities of Tap on Phone payments to Nordic merchants. With these next-generation acceptance capabilities, merchants can literally accept contactless transactions whenever and wherever, they wish. And this deployment signifies another important milestone for Finaro’s footprint in the Nordics, which we consider a strategic territory in our global business.”

Tord Topsholm, Chief Executive Officer at Northmill adds: “We are thrilled to be partnering with Finaro, Mastercard, and NMI to bring the benefits of Cloud Commerce to small and medium-sized merchants across the Nordics. This is a game-changer for businesses that want to provide a seamless, secure, and convenient payment experience that meets the needs of their customers and will make it easier for merchants to accept contactless payments and enable them to focus on what they do best – serving their customers.”

Davide Messina, Senior Vice President Merchant Solutions Europe at Mastercard, added: “The Cloud powers our work to make every device a way to pay and be paid. It gives our customers more flexibility, plugging into services more quickly and with less hardware. We are pleased to be working with Finaro, NMI and Northmill on this launch to bring secure cloud Tap on Phone payments to the European region.

According to Ruben Frimand Nielsen, Vice President of Sales & Business Development for the Nordics at Finaro, the partnership between these companies represents a golden opportunity for merchants across the Nordics to bring the convenience of contactless payments to even more businesses: “With the Nordic region being one of the most advanced eCommerce markets in Europe, merchants there are familiar with mobile commerce and mPOS terminals, but this new offer takes Nordic payments to the next level.”

Peter Galvin, Chief Product Officer at NMI: “The launch of Cloud Tap on Phone pilot saw great success in the U.S. so we’re thrilled to expand this partnership into the Nordic market. Consumers today prioritize convenience, speed, and ease of use in their payment experiences, and this technology will help merchants provide the best contactless payments experience possible by utilizing smartphones instead of investing in additional hardware to process payments more quickly than ever before.”