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Zone Introduces Blockchain-Based PoS Payment Gateway, Strengthening the Payments Landscape in Africa
Zone, a leading payment infrastructure company in Africa, has launched an innovative blockchain-based Point-of-Sale (PoS) payment gateway product. This move is in line with the company’s commitment to improving payment capabilities across multiple channels, building on the success of its ATM transaction processing service.
The new PoS payment gateway product is designed to enable banks and fintech companies to deploy PoS payment terminals, allowing them to facilitate seamless transactions. It enables direct routing of transactions to issuers, leveraging Zone’s decentralized payment switching network for greater speed and reliability.
As a payment switcher authorized by the Central Bank of Nigeria (CBN), Zone can implement direct routing of transactions to issuers without violating regulatory guidelines on interbank payments. This ability lays the foundation for efficient and secure financial transactions.
Formerly known as AppZone, the company has rebranded as Zone and pivoted toward blockchain-based payments, driven by its focus on building cutting-edge banking infrastructure. This strategic move was further strengthened by an oversubscribed $8.5 million seed funding round secured three months ago.
Zone’s foray into the PoS market coincides with Nigeria’s regulatory efforts to strengthen the environment for PoS agents. In May 2024, following a federal government directive, PoS operators will have to register with the Corporate Affairs Commission (CAC) to improve transparency and fight fraud. This directive requires compliance of all 1.9 million PoS agents in Nigeria by July 7, 2024.
The company’s PoS payment gateway aims to revolutionize PoS transactions by enabling same-day settlement for payees and their financial institutions. Additionally, it seeks to eliminate chargebacks and chargeback fraud by automatically refunding customers for failed transactions and rejecting fraudulent chargebacks in real time.
Obi Emetarom, CEO and co-founder of Zone, expressed his excitement about the launch, saying: “Our PoS payment gateway product is a commitment to financial inclusion and the digital future of all payments in Africa. With this new offering, we are thrilled to have taken another important step towards our vision of a world where individuals and businesses can make and receive instant payments to and from anyone in the world, through any payment method and in any currency.”
While Zone has extended its blockchain infrastructure to support PoS payment gateways for financial companies, it is not the only player in this space. Other payment infrastructure providers offering PoS payment gateways include Interswitch, Unified Payments and eTranzact.