Nedbank launches 'tap-on-phone' functionality
Nedbank announced that it has launched a new cashless functionality to its app to make it easier for customers to pay for their items using their smartphones.
Called the tap-on-phone functionality, it allows all merchants and business owners to convert their mobile phones into payment acceptance devices.
“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 also stated that the Tap-on-phone makes it easier for small- and medium-sized businesses to use their compatible smartphones to accept quick, easy, and secure, payments from their customers for goods or services.
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.
It also noted that the 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.
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.”
Written by: Staff Writer.