Nedbank has launched “tap on phone” contactless payment. This feature was made to help small and medium businesses to convert compatible smartphones into “payment accepting devices”.
Nedbank says that this feature was also motivated by the COVID-19 pandemic and the measures that individuals have to take while interacting in public.
“The challenges presented by COVID-19 demand that the world of payments evolves even quicker, and banks must respond by providing innovative ways for businesses to connect with their customers through easy, inclusive and preferably contactless payments solutions,”
Ciko Thomas, Nedbank Group Managing Executive for Retail and Business Banking
This feature according to Ciko Thomas is meant to also save businesses costs on expensive hardware such as POS (Point of Sale) machines, fixed data or telephone lines which they would need in order to start transacting.
How does it work?
It uses NFC (Near-Field-Communication), so a merchant will have to have an NFC capable smartphone. The merchant will also need the app in order to process the payment.
Customers will need a Nedbank contactless payment card.
Tap on phone was a collaborative partnership between Nedbank, Mastercard, Synthesis and iVeri. This feature meets Mastercard’s commitment to delivering quicker and more accesible payments without compromising on security
“We are pleased to partner with Nedbank to further support small businesses, as they adapt to meet the needs of their customers who are increasingly looking for contactless ways to pay, particularly amid the Covid-19 pandemic. Tap on phone provides consumers with peace of mind and the freedom of choice in how they pay, either by tapping their card or scanning a QR code”Suzanne Morel, Country Manager for Mastercard, South Africa
The feature is still in its pilot phase and has, for now, been made available to select merchants, individuals and business clients. The number of people and businesses who will be able to use this feature will be increased as the year progresses. Nedbank also intends on making the technology available for third party app developers.
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