Nedbank is experimenting with mobile payments services with a beacon-driven mobile app called Accolades.
According to Nedbank head of emerging payments Chris Wood, the app is a proof-of-concept looking to understand the cross between beacons, mobile payments, and data analytics.
The mobile platform connects retailers to customers through proximity-based services using in-store beacons – thus it would only function in participating retail stores.
From there, the app would then facilitate a seamless, secure, card-based mobile payments experience in store.
In concept, the app would provide the product list or menu of the participating store, letting customers select the product and quantity and check it out in their mobile shopping cart without queues.
App developers Ovations noted that this system benefits all parties – as customers would get the benefit of completing in-store purchases without the need for cash or cards, and merchants would gain access to the resulting analytics.
The platform also facilitates loyalty and rewards programmes on top of other rewards programmes, as well as other social features.
A player in mobile payments
According to Nedbank, the mobile payments concept is a continuation from strides made with its PocketPOS technology, and was built in partnership with app developer Ovations.
“We are extremely serious about innovation in payments, but also want to focus our energy on being selective in where we innovate,” Woods said.
“By participating in projects like this, it’s an opportunity to be agile in understanding more about how the technology works and how customers are going to engage with it.”
The payments head added that security is paramount, and that security audits are ongoing as the app goes through testing.
The app is currently being tested in-house, with real-world applications to be tested at a later stage.