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News

Nedbank and Synthesis to enable contactless payments on smartphones

Friday 25 August 2023 09:31 CET | News

South Africa-based bank, Nedbank, has integrated with Synthesis, an AWS Advanced Consulting Partner, to develop a software-based point-of-sale system.

Built on Amazon Web Services (AWS), this solution can be installed on smartphones without additional hardware required. This allows single operators or small businesses to accept contactless payments, aiming to lessen the barrier to entry for the country’s retail industry.

Using containers on AWS, the backend services are able to scale automatically, without being concerned about server infrastructure and maintenance. This is expected to improve app performance, whereby retailers would be able to accept buyer payments efficiently.

The entire backend of the SoftPOS system runs on AWS, with all transactions passing through AWS to Nedbank. Moreover, the system uses Amazon Elastic Compute Cloud (Amazon EC2), which provides secure and resizable compute capacity for any workload, and Amazon Electric Kubernetes Service (Amazon EKS) to start, run, and scale Kubernetes.

This new solution by Nedbank was in response to the increased use of contactless payments during the COVID-19 pandemic, together with the opportunity to support small businesses. According to the press release, when speaking with clients, the bank recognised that small and micro businesses struggled to accept digital payments because solutions that were available were too expensive and complex for them to implement. Most payment options required retailers to buy and set up a dedicated hardware terminal, on which customers can tap their debit or credit cards to pay for goods. Therefore, the bank aimed to develop an efficient SoftPOS technology that makes it possible for individual sellers or small retail shops to accept payments with only a compatible smartphone.   

South Africa-based bank, Nedbank, has integrated with Synthesis, an AWS Advanced Consulting Partner, to develop a software-based point-of-sale system.

More about Nedbank and Synthesis Software Technologies 

Nedbank Group operates mainly in the Southern African region, in countries such as South Africa, Namibia, Mozambique, Lesotho, and Zimbabwe. The group is a diversified financial services provider, offering a wide spectrum of wholesale and retail banking services, as well as insurance, asset management, and wealth management solutions.


South Africa-based AWS Advanced Consulting Partner, Synthesis is a technology-enabled consulting and software development company. Its cloud transformation initiatives assist businesses and enterprises to become cloud-ready, execute mass migrations, harness the benefits of big data analytics as well as extract the cost savings and regulatory benefits of compliance. Synthesis is an independent, wholly-owned subsidiary of Capital Appreciation. 


Source: Link


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Keywords: SoftPOS, retail, mobile payments, NFC, partnership
Categories: Payments & Commerce
Companies: Nedbank, Synthesis
Countries: South Africa
This article is part of category

Payments & Commerce

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Nedbank

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Synthesis

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