Sylvia Duruson
Zone, a prominent payment infrastructure company in Africa, has launched a groundbreaking blockchain-powered Point-of-Sale (PoS) payment gateway product. This move aligns with the company’s commitment to enhancing payment capabilities across multiple channels, building upon the success of its ATM transaction processing service.
The newly introduced PoS payment gateway product is designed to empower banks and fintech companies deploying PoS payment terminals, enabling them to facilitate seamless transactions. It allows for direct routing of transactions to issuers, leveraging Zone’s decentralized payment switching network for increased speed and reliability.
As a licensed payment switch by the Central Bank of Nigeria (CBN), Zone can implement direct transaction routing to issuers without violating regulatory guidelines on inter-bank payments. This capability sets the stage for efficient and secure financial transactions.
Formerly known as AppZone, the company rebranded to Zone and pivoted towards blockchain-based payments, driven by its focus on building cutting-edge banking infrastructure. This strategic move was further bolstered 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 tighten the environment for PoS agents. In May 2024, following a directive from the federal government, PoS operators must register with the Corporate Affairs Commission (CAC) to enhance transparency and combat fraud. This directive requires compliance from 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 beneficiaries and their financial institutions. Additionally, it seeks to eliminate chargebacks and chargeback fraud by automatically refunding customers for unsuccessful transactions and declining fraudulent chargebacks in real-time.
Obi Emetarom, CEO and Co-founder of Zone, expressed his enthusiasm for the launch, stating, “Our PoS payment gateway product is a commitment to financial inclusion and to the digital future of all payments in Africa. With this new offering, we are excited to have taken yet another major step towards our vision for 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.
