Zone, a well-known payment infrastructure provider in Africa, has introduced an innovative Point-of-Sale (POS) payment method solution powered by blockchain.
Building on the success of its ATM transaction processing service, this step aligns with the organisation’s objectives of improving payment capabilities across multiple platforms.
The groundbreaking PoS payment gateway product from Zone is set to revolutionize the African payment landscape. Empowering banks and fintech companies, this innovative solution facilitates seamless and efficient transactions through their PoS payment terminals.
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By leveraging Zone’s decentralised payment switching network, the product enables direct routing of transactions to issuers, leading to faster processing times, increased reliability, and reduced transaction costs. This transformative solution aims to make a secure and scalable payment infrastructure available for all stakeholders, ushering in a new era of digital payments in Africa.
Zones Payment Switch to transform interbank transactions
Zone’s status as a registered payment switch by the Central Bank of Nigeria (CBN) is a testament to its commitment to regulatory compliance. This allows Zone to implement direct transaction routing to issuers without violating inter-bank payment regulations, ensuring efficient and secure financial transactions.
Zone’s journey from AppZone to its current focus on blockchain-based payments is a strategic shift that reflects the company’s evolution. This transition was further strengthened by a successful $8.5 million seed fundraising round three months ago, demonstrating the market’s confidence in Zone’s strategic direction.
Zone’s strategic entry into the PoS industry is not only a business move but also a testament to its commitment to regulatory compliance and transparency. The zone is leading the way in perfect alignment with Nigeria’s initiative to strengthen laws that affect PoS agents.
As per the federal government’s directive, all 1.9 million PoS agents in Nigeria must register with the Corporate Affairs Commission (CAC) by July 7, 2024, to improve transparency and fight fraudulent activities. Zone’s proactive approach to this directive underscores its dedication to ethical business practices and the welfare of the Nigerian financial ecosystem.
Zones PoS Objectives: Elimination of Fraud and Same-Day Settlement
The organisation’s PoS payment objective is to transform PoS transactions by enabling same-day settlement for beneficiaries and their financial institutions.
Additionally, it seeks to eliminate chargebacks and chargeback fraud by automatically refunding customers for unsuccessful transactions and reducing fraudulent chargebacks in real time.
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The launch of Zone’s PoS payment gateway product is not just a milestone for the company but a testament to its unwavering commitment to financial inclusion and the digital future of payments in Africa.
The co-founder and CEO, Obi Emetarom, expressed his enthusiasm for this significant step, highlighting that this product is a commitment to their vision for a world where individuals and businesses can make and receive instant payments to and from anyone worldwide through any payment method and in any currency. His passion and vision inspire confidence in Zone’s ability to shape the future of payments in Africa.
Even though Zone is not the only company in this market, it has grown its blockchain infrastructure to include PoS payment platforms for financial institutions. Interswitch, eTranzact, and Unified Payments are more payment infrastructure companies that provide PoS payment gateways.