Zone Launches Decentralized PoS Payment Gateway

By Adedapo Adesanya

African payment infrastructure company, Zone, has launched its highly anticipated POS Payment Gateway product built on the latest version of its next-gen payment infrastructure powered by blockchain technology. 

Zone is a decentralized network of Banks and Fintechs powered by blockchain and focused on enabling domestic and cross-border payments. Following the success of its ATM transaction processing service, the roll-out of its PoS payment gateway further fulfils the company’s promise of delivering reliable, frictionless and universally interoperable payments across multiple payment channels.

According to a statement, the introduction of Zone’s PoS Payment Gateway product brings a comprehensive payment processing solution to banks and fintechs that deploy PoS payment terminals. The product promises transaction reliability through direct routing of transactions to issuers, same-day settlement for beneficiaries and their financial institutions, and a robust framework eliminating chargebacks and chargeback fraud. 

Zone as a CBN-licensed payment switch can implement direct transaction routing to issuers without violating regulatory guidelines on inter-bank payments.

At the core of Zone’s PoS Payment Gateway is its regulated layer-1 blockchain network, which guarantees the security, reliability and transparency of every transaction. It has certain features including direct card routing, o chargebacks, and same-day Settlements.

Speaking on this, Mr Obi Emetarom, CEO and co-founder of Zone said, “Our PoS Payment Gateway Product is a commitment to financial inclusion and the digital future of all payments in Africa. With this new offering, we are excited to have taken yet another major step towards our vision for a world where individuals and businesses can make and receive instant payments to and from anyone in the world, through any payment method and in any currency.”

While a few leading fintechs have made some strides towards improving the quality of service specifically for their own PoS terminals, Zone’s offering goes a step further by making such improvements and related advanced features, accessible to all financial service providers in the industry.

“This democratization of cutting-edge technology ensures that all institutions utilising Zone’s product for PoS-based transaction processing can now enjoy superior levels of transaction reliability, and operational efficiency while delivering delightful payment experiences to their customers each time,” a statement said.