Financial gateway service provider, PAYM8, in partnership with WIZZIT, has introduced its Tap-on-Phone SoftPOS solution in South Africa.
The solution offers an innovative alternative to traditional point-of-sale devices and will give PAYM8 customers a safe, easy way to pay that can be used anywhere. The solution meets PCI (Payment Card Industry) and EMV (Europay, MasterCard, and Visa) requirements.
Included in the offering is the ability to do TT3 Debi-Check mandates, adding to and enhancing TT1 and TT2 capabilities with real-time ‘‘Customer Present’’ mandate authentication.
Tap-on-phone technology is flexible, secure and now more cost-effective than ever. The solution is compatible with Android phones and is approved by Visa and Mastercard.
“Efficient payments are now more important for businesses than ever before. Tap-on-Phone is a fast, secure and highly mobile authentication channel for DebiCheck. It offers frictionless payment functionality at a fraction of the cost,” PAYM8 CEO Andrew Springate says.
PAYM8 worked closely with technology partner WIZZIT to deliver a solution that combines DebiCheck TT3 and Tap-on-Phone technology. According to John Staley, WIZZIT CEO, “Tap-on-Phone transactions are secure and use the same encryption technology found in chip cards throughout the world. The technology offers merchants and consumers a convenient and easy payment method by leveraging merchants' smartphones as payment devices.”
Springate adds that the DebiCheck functionality protects merchants and credit providers from debtors needlessly disputing debit orders as a means of managing their cash flow which is why it was included in PAYM8’s SoftPOS solution. “We are pleased to answer modern consumers’ demand for efficient payment services while meeting organisations’ requirements for seamless behind-the-scenes functionality.”
The South African market is attractive, more so, the payment opportunity. Last year, the projected Digital Payments Value was expected to reach $14.31 billion, representing 12.34% of the total African pie of $116 billion.
Nigeria accounts for only 10.47% of the continent's Digital Payments Value, despite having 3x more adults (and more banked people) than South Africa. Some reasons for this gap would be the low disposable income and purchasing power of Nigerians, the weak value of the naira to the dollar, and just overall poverty in Africa's most populous nation.