Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Sunday, May 18
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Blockchain»Zone introduces blockchain-enabled PoS payment solution to combat chargeback fraud
    Zone Co-Founders

    Zone introduces blockchain-enabled PoS payment solution to combat chargeback fraud

    0
    By Tapiwa Matthew Mutisi on June 6, 2024 Blockchain, Business, Financial Services, Infrastructure, News, Payments, Products, Technology

    Zone, an African payment infrastructure firm, has recently unveiled a new point-of-sale (PoS) payment gateway solution, leveraging blockchain technology and built upon its existing payment platform. This launch is a strategic move by Zone to expand its payment services across various channels, building on the company’s successful ATM transaction processing offerings.

    The newly introduced PoS payment gateway by Zone is designed to empower banks and financial technology companies by providing them with PoS terminals capable of processing payments efficiently. This innovative product facilitates the direct routing of payment transactions to the card-issuing banks, streamlining the payment process.

    Zone emphasizes that its product enhances transaction speed and reliability by connecting acquiring banks directly to card issuers via its decentralized payment switching network. This approach bypasses traditional centralized payment systems, offering a more robust and efficient transaction experience.

    As a payment switch licensed by the Central Bank of Nigeria (CBN), Zone is authorized to conduct direct transaction routing to issuers while adhering to the regulatory framework governing inter-bank payments. The company assures compliance with all pertinent regulations.

    Previously known as AppZone, the company has undergone a rebranding to Zone, signaling a strategic pivot towards embracing blockchain technology for payment solutions. This rebranding follows the company’s successful raise of $8.5 million in an oversubscribed seed funding round three months prior.

    Zone’s entry into the PoS market coincides with increased regulatory scrutiny in Nigeria. The Nigerian government, aiming to curb fraud and enhance transparency, has mandated that all PoS operators register with the Corporate Affairs Commission (CAC). This directive, effective from May 2024, requires the country’s approximately 1.9 million PoS agents to complete their registration by the deadline of July 7, 2024. Zone’s blockchain-powered PoS payment gateway is poised to offer a compliant and innovative solution amidst these tightening regulations.

    Zone is set to revolutionize the point-of-sale (PoS) transaction landscape with its new payment gateway, which promises to deliver same-day settlement to beneficiaries and their respective financial institutions. This innovative gateway is also designed to tackle the persistent issue of chargebacks and the associated fraud.

    The mechanism behind this advancement involves an automatic refund process for transactions that fail to go through successfully, as well as a real-time system that auto-declines fraudulent chargeback attempts. Zone’s technology is engineered to identify and respond to these issues instantly, enhancing the security and efficiency of PoS transactions.

    Obi Emetarom, the CEO and Co-founder of Zone, expressed enthusiasm about the launch of the PoS payment gateway product. He emphasized the company’s dedication to fostering financial inclusion and advancing the digital transformation of payment systems across Africa. Emetarom’s statement reflects Zone’s broader ambition to create a seamless global payment ecosystem where individuals and businesses can effortlessly send and receive payments in any currency and through any payment method, aligning with their vision of instant global transactions.

    While Zone has indeed expanded its blockchain-based infrastructure to cater to point-of-sale (PoS) systems, it operates in a competitive landscape where several other payment infrastructure providers offer PoS payment gateways. Among these competitors are well-established entities such as Interswitch, Unified Payments, and eTranzact.

    Interswitch is a renowned player in the African payment space, providing digital payments and commerce solutions. Unified Payments operates as a financial transaction company, offering a range of payment services, including PoS solutions. eTranzact, another key player, delivers comprehensive payment management services and solutions.

    Each of these companies brings its own set of strengths and market experiences to the table, contributing to a diverse and competitive market for PoS payment gateways. Zone’s entry with a blockchain-powered product adds to the dynamic nature of this sector, potentially offering distinct advantages in terms of security, efficiency, and compliance with the latest regulatory requirements.

    Zone has differentiated itself from other PoS payment gateway providers by highlighting the centralized architecture that its competitors use, which, according to Zone, is plagued with challenges related to reliability and friction in payment processing.

    The company points out that financial service providers who rely on such centralized systems inevitably inherit these inefficiencies, which can affect the overall user experience and transaction processing times. Centralized architectures are often criticized for being single points of failure, where any disruption can have widespread consequences for all entities relying on the system.

    In contrast, Zone emphasizes the innovative nature of its product, which utilizes a decentralized architecture underpinned by blockchain technology. This approach is presented as a first in the market, offering potential benefits such as increased reliability, reduced friction, and enhanced security. Blockchain technology allows for a distributed ledger system that can provide greater transparency, traceability, and resistance to tampering, which are key advantages in the financial services industry.

    By leveraging this decentralized model, Zone aims to provide a more robust and efficient payment gateway for PoS transactions, setting itself apart from traditional providers and positioning itself as a forward-thinking solution for financial service providers.

    Zone Raises $8.5m in Seed Funding to Revolutionize African Payment Infrastructure

    Related

    Africa blockchain Business Financial Inclusion Fraud Prevention Infrastructure Investments nigeria Payments Point Of Sale (POS) PoS Startups Technology Zone
    Share. Facebook Twitter Pinterest LinkedIn Email
    Tapiwa Matthew Mutisi
    • Facebook
    • X (Twitter)
    • LinkedIn

    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

    Related Posts

    Remita Sets Sights Beyond Nigeria in Pan-African Fintech Growth Push

    New Superman Trailer Sets the Tone for a Fresh Start

    Omniretail, PalmPay, Remedial Health Lead the Pack in FT’s 2025 Fastest-Growing African Firms List

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.