In a first for the continent, Nedbank is launching a tap-on-phone functionality to its PocketPOS app, which will turn vendors’ phones into contactless mobile points of sale.
As most industries return to work on level 2 of the national lockdown to curb the spread of the coronavirus, limiting contact between people is being given a boost with the new feature that is currently in the testing phase, with plans to roll out to Nedbank clients across the country later in the year.
Nedbank first launched PocketPOS in 2013, and the latest addition to the app will give SMEs access to a mobile point-of-sale terminal without having to set up the traditional hardware required for such a service.
Speaking about the Nedbank PocketPOS tap-on-phone feature, group managing executive of Nedbank Retail and Business Banking Ciko Thomas said, “The challenges presented by Covid-19 demand that the world of payments evolves even quicker, and banks must respond by providing innovative ways for businesses to connect with their customers through easy, inclusive and preferably contactless payments solutions. Nedbank’s tap-on-phone functionality enables this by harnessing the power of mobile technology.”
The feature is just as safe as traditional payment terminals, adheres to the security requirements of Visa and Mastercard, and has been developed in collaboration with Mastercard, Synthesis and iVeri.
Country manager for Mastercard South Africa, Suzanne Morel said the company is, “pleased to partner with Nedbank to further support small businesses, as they adapt to meet the needs of their customers who are increasingly looking for contactless ways to pay, particularly amid the Covid-19 pandemic.”
Tap-on-phone payments are especially useful during a time when customers might feel wary to hand over their cards to just anybody, but the innovation from Nedbank also gives small businesses and informal traders who may not have previously been able to accept debit and credit card payments the option to do so.
Nedbank says the new feature will be available on NFC-enabled devices running Android 7.0 or higher.