News

Absa rolls out Mobile Pay, a SoftPOS solution

Friday 11 March 2022 09:41 CET | News

South Africa-based bank Absa has launched its Mobile Pay app, which allows users to turn their Android smartphones into POS devices.

Absa Mobile Pay is specifically aimed at small to medium enterprises seeking a cost-effective solution with no monthly device rental or callout fees for POS terminal repairs. The bank said the solution requires only a smartphone with NFC technology and Android 7.0, and the app, which can be downloaded from the Google Play Store, with no additional hardware, plug-ins or card readers.

Company officials explained that the merchant enters the amount due on their Android smartphone or tablet, and the customer can pay for the product or service by tapping their contactless debit or credit card on the merchant’s device. Merchants can accept any card payment with no limitation on the amount. Only the shopper’s limits will apply.

For contactless transactions over USD 33, a PIN will be required, which can be typed into the app by the customer. All transaction information can be viewed in the app, while merchants can also send customers a receipt via email, SMS, or WhatsApp.

Several thousand transactions have already been processed using the app, with an average value of USD 7 per transaction. One of the companies that has adopted the app is Mula Mobile, a platform that provides small businesses with the opportunity to earn commission by reselling airtime, electricity, games, starter packs, and vouchers.


More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: SoftPOS, mobile payments, product launch, merchants, NFC
Categories: Payments & Commerce
Companies:
Countries: South Africa
This article is part of category

Payments & Commerce