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Area to address failed POS transactions with blockchain
Of Africa Payment infrastructure company Zone has announced the launch of its blockchain-based payment gateway, to address failed point-of-sale transactions in Nigeria.
The solution, based on blockchain technology, was designed to eliminate failed transactions, reduce chargebacks and provide faster settlements for merchants, Zone’s vice president of marketing and corporate communications, Olayiwola Osoba, told The PUNCH on Wednesday .
The launch of this solution comes as a response to the growing need for efficient and secure payment systems in Nigeria.
Failed POS transactions have been a persistent problem in the country, resulting in lost revenue for merchants and frustration for consumers.
“Problems related to failed transactions when using POS are usually the result of using centralized systems, but now Zone has come up with a decentralized solution powered by blockchain to solve these problems.
“When there are so many transactions on a centralized network, there is pressure on the infrastructure architecture, which sometimes makes it difficult for transactions to succeed,” Osoba explained.
Zone, a decentralized network of banks and fintechs powered by blockchain, focuses on enabling domestic and cross-border payments.
The implementation of the POS payment gateway follows the success of the ATM transaction processing service, further delivering on the company’s promise of reliable, frictionless and universally interoperable payments across multiple channels.
At the heart of Zone’s POS Payment Gateway is its regulated layer 1 blockchain network, which offers a complete payment processing solution to banks and fintechs deploying PoS payment terminals.