Nigeria and Africa’s fast-growing fintech company Zone has announced the launch of its blockchain-powered Point of Sales (PoS) solution to deliver frictionless payments.
The PoS is built on the latest version of its next-generation payment infrastructure. The launch of the product highlights the company’s advancement in enhancing the African payment landscape.
As the first regulated blockchain network for payments in Africa, Zone is pioneering decentralized solutions that cater to cross-border transactions and various currencies.
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The product is poised to enhance transaction reliability through direct routing of transactions to issuers, same-day settlement for beneficiaries and their financial institutions, and a robust framework eliminating chargebacks and chargeback fraud. One key thing to note is that Zone can implement direct transaction routing to issuers without violating regulatory guidelines on inter-bank payments.
Speaking on the launch of the PoS solution, the CEO of Zone Obi Emetarom stated that the launch of the product is geared towards enhancing financial inclusion and improving the seamless transfer of funds.
In his words,
“Today marks a pivotal moment not just for us at Zone, but also for the Financial Institutions we enable, and the esteemed customers they serve. Our PoS Payment Gateway Product is a commitment to financial inclusion and 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.”
Some key features of Zone’s PoS payment gateway;
• Direct Card Routing: Zone connects acquirers directly to issuers through its decentralized payment switching network. This architecture optimizes the PoS transaction route and eliminates failure points thereby guaranteeing increased speed and reliability of each transaction for the benefit of merchants, agents, and cardholders alike.
• No Chargebacks: Zone’s advanced PoS payment gateway eliminates chargebacks and chargeback fraud on PoS terminals by auto-refunding customers for unsuccessful transactions and auto-declining fraudulent chargebacks in real-time – thereby building a foundation of trust and satisfaction among all parties involved.
•Same-Day Settlements: Settlement of payments from PoS terminals using Zone is effected on the same day and separately for each transaction, ensuring faster availability of funds for both agents and merchants alike, and making it easy to determine when value has been received for every transaction.
In November of 2022, Appzone evolved to become Zone; Africa’s first layer-1 Blockchain network and decentralized infrastructure for payment in Fiat money and digital currencies.
Zone allows participating institutions to connect directly with each other and perform payment transactions without an intermediary while completely automating settlement, reconciliation, and dispute management.
Notably, the absence of an intermediary or middleman in Zone’s architecture saves participating institutions money, enhances reliability, and eliminates reconciliation delays. Zone’s purpose is to maximize financial inclusion and accelerate economic prosperity.