The Zone blockchain team unveiled a new decentralized solution for making fast cross-border transfers in Africa via POS terminals. The solution supports instant payments in any currencies.
The developers of Zone, Africa’s regulated L1 payment blockchain, announced the launch of ZonePOS, a decentralized payment gateway that supports fast, secure, and seamless payments via POS terminals in the region.
ZonePOS offers a complete solution for banks and FinTech companies utilizing payment terminals. The main functions of the system are:
- Direct routing. The network connects acquirers directly to issuers through a decentralized payment network, optimizing transaction routing and eliminating points of failure, which ensures high transaction speed and reliability.
- No chargebacks. The product eliminates chargebacks and chargeback fraud on POS terminals by automatically refunding unsuccessful transactions and rejecting questionable refunds in real-time.
- Same-day settlements. Payments through POS terminals are settled on the same day for each transaction, increasing the availability of funds for both agents and merchants.
The payment gateway infrastructure is based on the Zone blockchain, which is licensed by the Central Bank of Nigeria and provides direct transaction routing without violating regulatory norms.
According to Obi Emetarom, CEO and Co-Founder of Zone, the POS payment gateway enables financial institutions to achieve the highest transaction reliability and operational efficiency. Emetarom believes ZonePOS is the result of the company’s drive to increase financial inclusion in Africa by promoting the digitalization of local payments. He says the solution presented is unique and sets a new standard in the industry, making digital payments accessible to all financial providers.
Blockchain startups in Africa raised $474 million in venture capital in 2022. DLT in the region is most actively developing in the payments market. The Send Globally service was launched, allowing cross-border transfers of fiat currencies using BTC to Africa from Europe. Ripple allowed African users to make cross-border crypto payments to the U.K., Australia, and the Gulf Cooperation Council.
