Nedbank now lets clients use their smartphones as payment terminals

Nedbank has launched new functionality which allows merchants and business owners to convert their mobile phones into contactless payment acceptance devices.

Called “tap-on-phone”, this technology makes it far easier for small- and medium-sized businesses to use their smartphones to accept payments from customers for their 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,” Nedbank said.

“The tap-on-phone functionality enables contactless payment acceptance and there’s no health risk to the merchant or customer.”

Nedbank said it is currently the only bank in Africa to offer this capability, which is built on its PocketPOS payment solution.

According to the bank, 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,” Nedbank said.

To install and run the tap=on=phone software, clients require a device running Android 7.0 or newer that has NFC capabilities.

The technology is the result of a partnership between Nedbank, Mastercard, Synthesis, and iVeri.

“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,” said Mastercard South Africa country manager Suzanne Morel.

“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.”

This tap-on-phone functionality is currently in a pilot phase and has been provided to a selection of Nedbank merchants including individual and business clients, the bank said.

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.

Now read: It will take years to undo the economic impact of the COVID-19 lockdown – Nedbank economist

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Nedbank now lets clients use their smartphones as payment terminals