Nedbank has launched a new tap-on-phone functionality that enables all merchants and business owners to convert their mobile phones into payment acceptance devices.
The bank said that the technology makes it easier for small- and medium-sized businesses to use their compatible smartphones to accept quick, easy, and secure, payments from their customers for goods or services.
Ciko Thomas, group managing executive: Nedbank Retail and Business Banking, said that tap-on-phone uses the same security as physical payment terminals and meets Mastercard and Visa requirements.
He added that the security is further enhanced by the fact that customers do not have to hand over their physical bank cards to a merchant when paying.
Thomas said that businesses nolonger need to invest in costly point-of-sale (POS) devices or fixed data or telephone lines to trade.
This makes the functionality especially valuable for SMMEs, and informal traders that could not previously accept debit and credit card payments, he said.
Nedbank said that the only requirements are an Android device that is on version 7.0 or newer and is NFC enabled.
The group said that the tap-on-phone functionality is currently in pilot phase, and has been provided to a selection of Nedbank merchants.
This client base will be increased during the second half of 2020, after which the technology will be made available to all Nedbank clients and third-party application developers, it said.