To use the solution, customers need to tap their card on the merchant’s phone to make the payment. This enables informal retailers, spaza stores, and street vendors to accept a safer alternative to cash by allowing them to accept card transactions. The solution was launched in collaboration with Nedbank with approval from Visa and Mastercard.
Contactless ‘tap’ transactions are limited to USD 32, making it ideal for micro-transactions. For larger amounts, customers will need to enter a PIN. This functionality will be released in a later phase.
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