In a move set to redefine Africa’s payment ecosystem, Zone, a leading payment infrastructure firm, has rolled out an innovative blockchain-powered Point-of-Sale (PoS) payment gateway solution. This initiative underscores the company’s dedication to enriching payment capabilities across diverse channels, building upon the triumph of its ATM transaction processing service.
The newly unveiled PoS payment gateway product is crafted to empower banks and fintech enterprises deploying PoS terminals, facilitating seamless transactions. It enables direct routing of transactions to issuers, harnessing Zone’s decentralized payment switching network for heightened speed and reliability.
As a licensed payment switch sanctioned by the Central Bank of Nigeria (CBN), Zone possesses the capability to execute direct transaction routing to issuers while adhering to regulatory protocols governing inter-bank payments. This feature lays the groundwork for efficient and secure financial transactions.
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Formerly recognized as AppZone, the company’s rebranding to Zone signifies its strategic shift towards blockchain-driven payments, propelled by its commitment to forging avant-garde banking infrastructure. This strategic maneuver received a substantial boost from an oversubscribed $8.5 million seed funding round secured just three months ago.
Zone’s venture into the PoS arena coincides with Nigeria’s regulatory drive to fortify the PoS agent landscape. In May 2024, following a directive from the federal government, PoS operators are mandated to register with the Corporate Affairs Commission (CAC) to enhance transparency and combat fraudulent activities. This directive mandates compliance from all 1.9 million PoS agents in Nigeria by July 7, 2024.
The company’s PoS payment gateway aims to revolutionize PoS transactions by enabling same-day settlement for beneficiaries and their financial institutions. Additionally, it seeks to mitigate chargebacks and chargeback fraud by automatically refunding customers for unsuccessful transactions and promptly declining fraudulent chargebacks in real-time.
Obi Emetarom, CEO and Co-founder of Zone, conveyed his enthusiasm for the launch, remarking, “Our PoS payment gateway product underscores our commitment to financial inclusion and the digital evolution of payments in Africa. With this innovative offering, we are thrilled to have taken yet another significant stride towards our vision for a world where individuals and businesses can execute instant payments to and from anyone globally, through any payment method and currency.”
While Zone has extended its blockchain infrastructure to support PoS payment gateways for financial institutions, it is not the sole player in this domain. Other payment infrastructure providers offering PoS payment gateway solutions include Interswitch, Unified Payments, and eTranzact.
