Nicosia, Cyprus. Cyprus’ commercial transactions landscape is shifting as the country moves closer to a cashless society, with new tools targeting smaller merchants. Pale Blue has launched its mobile application, Paid, to help SMEs and independent contractors accept digital payments without traditional hardware.
Challenges for smaller merchants
International payment providers have long dominated fintech, but their services often focus on large corporations. SMEs and independent contractors have faced complex hardware requirements and costly subscriptions when adopting digital payments.
Pale Blue’s Paid app and softPOS approach
Pale Blue, a Cypriot software engineering firm, said Paid uses softPOS technology to turn an NFC-enabled smartphone into a payment terminal. The company said this eliminates the need for traditional card readers and enables solopreneurs, food vendors and freelancers to accept contactless payments shortly after downloading the app.
Pricing model and adoption
The company said the app operates on a pay-as-you-go model intended to address administrative and financial hurdles that have slowed digital payment adoption among smaller merchants.
Launch details and partnerships
Pale Blue co-founders Mike Yerou and Michael Mavris told the Cyprus Mail the app has officially launched in Cyprus. They said Paid is available on iOS and Android and described it as device-agnostic, while also pointing to a partnership with Stripe aimed at simplifying compliance.
Outlook for payment hardware
The co-founders said they expect the reliance on dedicated payment terminals to decline, as smartphone-based acceptance tools expand.
How do you think a pay-as-you-go softPOS app could change payment acceptance for small businesses in Cyprus?
