Zone, the company behind Africa’s first regulated blockchain network for payment, has launched a new product called ZonePOS – a point-of-sale payment gateway that is run on blockchain technology.
The system that ZonePOS is based upon connects directly to banks for transaction execution following full compliance with interbank payment regulations. However, its setup does this in a distributed manner through the blockchain of the zone thereby making it one of Africa’s earliest gateways to support multicurrency payments.
“Our PoS Payment Gateway Product is a commitment to financial inclusion and to the digital future of all payments in Africa,” stated Obi Emetarom, the CEO of Zone. “We are excited to have taken yet another major step towards our vision for a world where individuals and businesses can make and receive instant payments to and from anyone in the world, through any payment method and in any currency.”
Key features of ZonePOS platform include a significant improvement in transaction speeds and quick fund settlement within a day, as opposed to the traditional two or three working days. Alongside this, it has an automatic refunding mechanism that uses blockchain technology and also declines false chargebacks from fraudsters in real-time.
However, this launch comes at a turning point for blockchain cryptocurrency regulations across Africa. In Nigeria, one of ZonePOS’s initial markets, the citizens have been left puzzled by mixed signals emanating from the government following Nigerian President Bola Tinubu’s campaign promise to legalize and promote cryptocurrencies but has done things that seem the other way around since taking office.
Despite any regulatory environment, Zone’s offering can help achieve greater financial inclusion and modernize payment infrastructure in Africa. As the first decentralized multi-currency payment gateway designed for Africa alone, ZonePOS is a milestone for the adoption of cryptocurrencies in the region.
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