Zone, a respected payment infrastructure company headquartered in Africa, has recently announced the launch of an innovative blockchain-powered Point-of-Sale (PoS) payment gateway product. This momentous achievement reflects the company’s dedication to enhancing payment capabilities across various channels, building upon the success of its ATM transaction processing service.
The groundbreaking PoS payment gateway product has been specifically tailored to empower banks and fintech companies that utilize PoS payment terminals, enabling them to facilitate seamless transactions. It facilitates direct routing of transactions to issuers, harnessing Zone’s decentralized payment switching network to enhance speed and reliability.
As a licensed payment switch by the Central Bank of Nigeria (CBN), Zone is equipped to implement direct transaction routing to issuers without contravening regulatory guidelines on inter-bank payments. This capability establishes an efficient and secure framework for financial transactions, a vital aspect in today’s digital age.
Previously known as AppZone, the company rebranded itself as Zone and strategically realigned its focus towards blockchain-based payments. This strategic decision was further reinforced by an oversubscribed $8.5 million seed funding round secured three months ago, underscoring the confidence and support from investors.
The introduction of Zone’s PoS payment gateway product coincides with Nigeria’s regulatory efforts to create a more controlled environment for PoS agents. Following a directive from the federal government, PoS operators must now register with the Corporate Affairs Commission (CAC) to enhance transparency and combat fraud. Compliance with this directive is expected 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 eliminate chargebacks and chargeback fraud by automatically refunding customers for unsuccessful transactions and declining fraudulent chargebacks in real-time.
Obi Emetarom, CEO and Co-founder of Zone, conveyed his enthusiasm for the launch of the PoS payment gateway product, stating, “Our PoS payment gateway product is a commitment to financial inclusion and to the digital future of all payments in Africa. With this new offering, we are excited to have taken yet another major step towards our vision for a world where individuals and businesses can make and receive instant payments to and from anyone in the world, through any payment method and in any currency.”
While Zone has made significant strides in expanding its blockchain infrastructure to support PoS payment gateways for financial companies, it is essential to note that it is not the sole player in this space. Other payment infrastructure providers offering PoS payment gateways include Interswitch, Unified Payments, and eTranzact.
In conclusion, Zone’s introduction of its blockchain-powered PoS payment gateway holds great promise for revolutionizing payment systems in Africa. With its commitment to financial inclusion and cutting-edge banking infrastructure, Zone is poised to make significant contributions to the digital future of payments in the region.