Tap-on-phone makes it easier for small- and medium-sized businesses to use their compatible smartphones to accept quick, easy, and secure, payments from their customers for goods or services.
Due to the Covid-19 pandemic facing the world we have all been sensitised to the need for social distancing, which has impacted all areas of our lives, including how we transact on a day-to-day basis. The tap-on-phone functionality enables contactless payment acceptance and there's no health risk to the merchant or customer.
It is reported that Nedbank is the only bank to offer this capability and a first on the continent. The tap-on-phone functionality builds on Nedbank's PocketPOS payment solution, which was also the first mobile card reader of its kind to be launched in South Africa in 2013.
According to Ciko Thomas, group managing executive: Nedbank retail and business banking, tap-on-phone is another example of Nedbank's commitment to harnessing its digital strength to deliver inclusive banking services for all.
‘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,’ Thomas explains. ‘Nedbank's tap-on-phone functionality enables this by harnessing the power of mobile technology.’
Thomas says that tap-on-phone uses the same strong security as physical payment terminals and meets Mastercard and Visa requirements. The security is further enhanced by the fact that customers do not have to hand over their physical bank cards to a merchant when paying.
The tap-on-phone functionality is currently in pilot phase and has been provided to a selection of Nedbank merchants including individual and business clients. This client base will be increased during the second half of 2020, after which the technology will be made available to all Nedbank clients and third-party application developers.
