It is being touted as a must for start-ups in the e-commerce space and all those who play in the payments space. This application from The Electronic Settlement Limited, leverages your mobile phone by turning it into a tool that allows you to make and receive payments.
It is called Paypad.
The Paypad payments solution can be used to receive both card and cash transactions. It offers better transaction connectivity than the regular POS. It is certified for Mastercard best practices, and MTIP Certified. Security wise, it is NIBSS and PCI certified, EMV level 1 & 2, P2P encryption and card details are not stored on the device.
Benefits to Merchants
- MSMEs can now receive payments with ease.
- The PAYPAD Application adds value to the business.
- Allows you to keep track of transaction details and reduce paperwork.
- Eliminates risk of cash collection.
- The PAYPAD Solution enhances financial inclusion.
Benefits to Banks
- The PAYPAD Devices are 200% cheaper than traditional POS.
- The PAYPAD Solution offers better transaction connectivity than the regular POS.
- The PAYPAD Solution provides better ease of use for merchants.
- Customized Applications for businesses are available.
For those living in Lagos, Nigeria who want to know more about this solution can attend an upcoming event at the Co-Creation Hub at 3:00pm on Tuesday, 7th April 2015
Here is a video of the Paypad solution
