Zone, a payment infrastructure company in Africa, has introduced a blockchain-powered Point of Sale (PoS) payment gateway product. This launch aligns with the company’s ongoing mission to enhance payment solutions across multiple channels, building on the success of its ATM transaction processing service.
Zone’s new PoS payment gateway is designed to support banks and fintechs that deploy PoS terminals, enabling seamless and direct routing of transactions to issuers. By connecting acquirers directly to issuers through its decentralized payment switching network, Zone promises increased speed and reliability in transaction processing.
As a Central Bank of Nigeria (CBN)-licensed payment switch, Zone ensures that its direct transaction routing adheres to regulatory guidelines for inter-bank payments, maintaining compliance while offering enhanced services.
Previously known as AppZone, the company rebranded to Zone to reflect its pivot towards blockchain payments. This strategic shift has been bolstered by an $8.5 million seed funding round, raised three months ago in an oversubscribed round.
The introduction of this product comes at a time when Nigeria’s regulatory environment for PoS agents is tightening. In May 2024, a directive from the federal government required all PoS operators to register with the Corporate Affairs Commission (CAC) by July 7, 2024. This move aims to reduce fraud and enhance transparency among Nigeria’s 1.9 million PoS agents.
Product Features:
- Same-Day Settlement: The PoS gateway facilitates same-day settlement for beneficiaries and their financial institutions.
- Fraud Prevention: It eliminates chargebacks and chargeback fraud by auto-refunding customers for unsuccessful transactions and auto-declining fraudulent chargebacks in real-time.
Conclusion:
Zone’s blockchain-powered PoS payment gateway represents a significant advancement in the African payment landscape, promising enhanced speed, reliability, and security. As Zone continues to innovate and expand, it sets a new standard for financial services infrastructure in the region, driving towards a more inclusive and efficient digital economy.
Stay well-informed and be the very first to receive all the most recent updates directly in your email! Tap here to join now for free!
