Nedbank launches mobile POS service
Nedbank has on Friday (8 February), launched a new service that enables businesses to process debit and credit card transactions by using a smartphone connected to a secure card reader.
Nedbank PocketPOS claims to be the first live EMV certified mobile point-of-sale (POS) solution in South Africa.
“Small to medium-sized businesses are important to Nedbank, which is why we are delighted to introduce a solution that talks to the heart of any business operation: receiving payments in a safe, convenient, mobile and cost-effective way, as an alternative to cash,” said Ingrid Johnson, group managing executive of Nedbank Retail and Business Banking.
PocketPOS is suitable for any business that wishes to accept card payments securely without access to a fixed data or telephone line or where low frequency of card acceptance does not warrant the higher rental cost of a traditional POS device.
The technology is designed to operate in South Africa where EMV “chip and PIN” technology has been mandated, and uses a certified secure card reader and advanced encryption to capture and protect the card data and PIN.
The service has been certified by MasterCard, Visa and American Express, and has the security included in a standard POS device.
The solution comes in the form of two different secure card readers. The first is a small device with a secure PIN pad that requires the merchant to capture an email address into the smartphone application and, on acceptance of the transaction amount, sends a digital receipt to the captured email address.
The second, alternative, device provides the ability to print out a physical receipt, much like in the case of a traditional POS. Both card reader devices have a secure PIN pad for PIN entry and utilise Bluetooth technology to connect to the smartphone.
Nedbank says it will offer a choice of innovative pricing bundles, allowing business clients to select the bundle most applicable to their transaction volume. Clients will have the flexibility to upgrade from one bundle to another should their transaction volume increase. The cost of the device will be included in these bundles.
PocketPOS will initially be used by a small, selected group of existing Nedbank clients and this number will be gradually increased to scale during the second quarter of 2013.
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