A financial technology firm is converting African android smartphones into in-person and online shop sales devices.
The new technology ensures that PIN numbers can be used on smartphones and no special equipment is required for the seller.
For small and medium-sized businesses in Africa that actually have to spend a lot of money purchasing and looking after thermal and machinery sales, this is important news.
WIZZIT Digital has released its soft point of sale (POS) Tap2Pay with a PIN solution and is due to go live in February 2021 with an initial launch client, one of the largest Pan-African commercial banks.
The launch followed the certification of WIZZIT Digital’s Tap2Pay SoftPOS with PIN solution with regard to practical, protection and branding specifications by both Mastercard and Visa.
The solution is 100% software, allowing merchants to accept PIN encrypted “tap and go” transactions on any NFC-enabled Android phone, either instant or online. No separate card reader or PIN-entry system is required, with PIN entry allowed through the patented safe “soft” PIN pad of WIZZIT Digital.
“In short, the Tap2Pay solution from WIZZIT Digital transforms commercial off-the-shelf smartphones and tablets into secure contactless payment terminals. They don’t require additional hardware, plug-ins, card readers or dongles to accept PIN protected card payments.” Brian Richardson, WIZZIT Digital’s Chief Executive Officer.
Tap2Pay allows PIN entry to be carried out on either the mobile device of the merchant or, if customers prefer. It allows merchants to ‘push’ PIN entry to their own devices Android or iOS or it be the customer’s own devices.
The Tap2Pay solution from WIZZIT Digital can be installed on any Android phone allowed by NFC. Or, it can be inserted into a retailer or financial service provider app.
“The solution’s PIN protected feature means that, unlike regular contactless payments that are not PIN protected, there is no limit to the payment amount that a merchant can accept,” says Richardson.
Richardson explains that with COVID-19, the willingness of customers to enter their PIN on their own computer is important. This is well as reduction in the use of cash as everyone is trying to reduce touching shared surfaces.
The Tap2Pay solution by WIZZIT Digital also gives eCommerce the same level of convenience and security. Customers can pay for online purchases with their card by tapping their payment card and entering their PIN. This is all on their personal Android phone enabled by NFC.
With no card details stored on any device, this additional unique capability allows online transactions to be significantly more secure. It reduces card fraud and reduces transaction costs for merchants/retailers.
“We believe that all payments, irrespective of the value of the transaction should be protected by PIN by default. This is irrespective of whether the transaction is instore or online.” says Richardson. “Ultimately, merchants can securely accept any card payment with PIN protection, irrespective of the amount and any contactless payment limits.”
WIZZIT’s Tap2Pay Target Customers
WIZZIT Digital will mainly target financial institutions and payment gateways. It’s specifically meant for those that want to provide an estimated 130 million micro/small merchants worldwide with digital payment services currently without card acceptance point of sale capabilities.
What is appealing to financial institutions is the fully fledged PCI DSS (Payment Card Industry Data Security Standard) included. The DSS is a certified switch from which the application is controlled.
“This aspect of the payment solution distinguishes it from similar solutions on the market. This is because it’s a complete out-of-the-box solution with a seamless integration into an existing acquisition infrastructure. It allows merchants of the bank to use their smartphone as a POS device,” Richardson says.
According to a study by the World Bank, micro, small and medium retailers (MSMRs) made and accepted around $34 trillion. This is inclusive supplier payments, wages and salaries and customer payments over a single one-year period. In the $34 trillion, $19 trillion was made using cash and checks.
Conclusion: Tap2Pay SoftPOS Selling points
First, it eliminates any separate payment and PoS hardware or maintenance of any kind. Secondly, its receipt services are paperless. Thirdly, it reduces waiting periods for customers. Lastly, it has the ability to accept payment by card rather than cash or cheques.