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Zone unveils blockchain-backed POS system to combat chargeback fraud

The African fintech Zone has unveiled Blockchain-powered POS payment gateway to fight chargeback fraud. Here's everything you need to know.

The African payment infrastructure company Zone has launched a new blockchain-powered PoS (Point of Sale) payment gateway, building on the success of their ATM transaction processing service. This product aligns with Zone's goal of providing reliable and frictionless payments across channels, and will benefit banks and fintechs using PoS terminals by enabling faster transactions through direct routing to issuers.

According to Zone, the decentralized PoS payment gateway will directly connects merchants (acquirers) to banks (issuers) for faster and more reliable transactions. In addition, the system will leverage Zone's CBN-licensed status to ensure compliance with inter-bank payment regulations, while their recent $8.5 million funding round highlights the growing interest in their blockchain-based financial solutions.

Furthermore, the Zone’s payment gateway is aimed at improving PoS transactions by enabling same-day settlement for beneficiaries and their financial institutions. It also aims to eliminate chargebacks and chargeback fraud.

The system automatically refunds unsuccessful transactions and blocks fraudulent chargebacks in real-time, according to Zone. CEO Obi Emetarom emphasizes their commitment to financial inclusion, stating this launch brings them closer to a world with instant, global payments across any method or currency.

Zone's entry into the PoS market coincides with the Nigerian regulator's move to tighten the environment for PoS agents. In May 2024, a directive by the federal government mandated mandated PoS operators to register with the Corporate Affairs Commission (CAC) by July 7, 2024 to reduce fraud and promote transparency. This requirement applies to all of Nigeria's 1.9 million PoS agents.

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With five years experience in Media, Temmy Samuel's become a modern journalist, delivering impressive reporting about tech, finance, business and science around the world. More About Temmy

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