ZonePOS: A Revolutionary PoS Gateway Aims to Boost Financial Inclusion in Africa
Zone, the company pioneering Africa’s first regulated blockchain network for payments, unveiled its innovative “ZonePOS” point-of-sale (PoS) payment gateway solution on June 5th. This launch marks a significant step towards a more inclusive and efficient financial landscape across the continent.
ZonePOS offers a unique solution tailored to the African market. Zone’s press release highlights the platform’s reliance on blockchain technology to route transactions directly to issuing banks, adhering to established interbank payment regulations. This approach positions ZonePOS as one of the few, if not the only, decentralized gateways in Africa that can handle payments in various currencies.
“Our PoS Payment Gateway Product embodies our commitment to financial inclusion and propelling Africa’s digital payment revolution. ZonePOS represents another crucial step towards our vision: a world where anyone, anywhere in Africa, can make and receive instant payments using any payment method, in any currency.”
Enhanced Transaction Speeds and Security
ZonePOS boasts significant improvements in transaction processing times. Unlike traditional systems that can take days to settle, ZonePOS guarantees same-day settlements for transactions. Additionally, the platform leverages blockchain technology to provide robust chargeback protection. According to the press release, ZonePOS eliminates chargeback fraud on PoS terminals through real-time, automated functionalities. Unsuccessful transactions trigger automatic customer refunds, while fraudulent chargebacks are automatically declined.
The launch of ZonePOS coincides with a period of evolving regulations in key African markets, like Nigeria, where the platform is being introduced. A recent Cointelegraph report highlighted the “bewilderment” expressed by younger Nigerians regarding the government’s recent actions against the cryptocurrency and blockchain industries. President Tinubu campaigned on a platform that promised to legalize and support these technologies. However, since his election in February 2023, the government has taken seemingly contradictory steps, leaving cryptocurrency enthusiasts questioning his long-term commitment to the sector.
ZonePOS, with its innovative approach and focus on financial inclusion, has the potential to revolutionize the African payment landscape. However, navigating the evolving regulatory environment will be a key challenge for Zone and other players in the fintech space.
