Zone, the company responsible for Africa’s pioneering regulated blockchain network for payments, has introduced its latest innovation, the “ZonePOS” point-of-sale payment gateway solution, on June 5th.
Described as a groundbreaking solution by Zone’s official announcement, the company’s blockchain-driven payment infrastructure facilitates direct transaction routing to issuers within the confines of regulatory requirements for interbank payments. This development signifies one of the rare, if not the only, decentralized gateway for currency-agnostic payments available in the African market.
Obi Emetarom, the CEO of Zone, expressed his thoughts on the new product in a press release, stating:
“Our PoS Payment Gateway Product embodies our dedication to financial inclusivity and the digital evolution of all payment methods in Africa. With this innovative offering, we are pleased to have taken a significant stride towards our vision of a world where individuals and businesses can conduct instantaneous transactions with anyone worldwide, using any payment mode and any currency.”
Key features of the product include accelerated transaction speeds, with Zone committing to same-day settlements through ZonePOS. Moreover, the service incorporates blockchain-based safeguards against charge-backs.
As per the press release, Zone’s PoS payment gateway “prevents chargebacks and chargeback fraud on PoS terminals by automatically refunding customers for unsuccessful transactions and instantly rejecting fraudulent chargebacks.”
The launch of this new product coincides with a shifting regulatory landscape in Nigeria, one of the primary markets for ZonePOS.
Recent reports from Cointelegraph indicate that the younger demographic in Nigeria is perplexed by the government’s resistance towards the cryptocurrency and blockchain sectors.
President Tinubu of Nigeria had promised to legalize and endorse cryptocurrency technology during his presidential campaign. However, since his election in February of 2023, the government has taken actions that seem to oppose crypto, leading supporters to question Tinubu’s true intentions for the industry.