South Africa-based Nedbank has rolled out the first live EMV certified mobile point-of-sale (PoS) technology, PocketPoS, for small and medium businesses (SME) in the country.
The technology enables business owners and traders to process debit and credit card transactions by using a smartphone that is connected to a secure card reader.
The new application offers customers anytime, anywhere banking with convenience, mobility, security and ease of access.
Nedbank retail and business banking managing executive Ingrid Johnson said that the aim of launching new technology is to offer to any business operation a safe mode of receiving payments.
Designed to operate in South Africa, where EMV ‘CHIP & PIN’ technology has been mandated, PocketPOS uses a certified secure card reader and advanced encryption to capture and protect the card data and PIN.
Available in two secure card reader models, the first requires a secure PIN pad to enable merchants to capture an email address into the smartphone application that sends a digital receipt on completion of transaction to the captured email.
The second one offers the capability to print a physical receipt, much similar to traditional POS.
Merchants, who utilize the new technology, would be able to slash up to 50% cost for entry level-merchants, on their existing card acceptance costs.