Nigerian-based fintech Zone has launched a blockchain-powered Point-of-Sale (PoS) payment gateway. This gateway routes transactions to issuers while complying with the Central Bank of Nigeria's regulations.
It facilitates same-day settlement for beneficiaries and financial institutions, aiming to eliminate chargebacks and chargeback fraud by promptly reimbursing customers for unsuccessful transactions.
A chargeback is a consumer protection mechanism for reversing disputed transactions. It occurs when a customer disputes a transaction and requests that their bank or credit card issuer reverse the payment.
Chargeback fraud, or friendly fraud, happens when a customer intentionally disputes a legitimate transaction to receive a refund while keeping the purchased goods or services.
The blockchain-powered gateway offers reliability and reduces friction compared to traditional centralized PoS systems. This development follows Zone's recent pivot to blockchain payments after raising $8.5 million amid increasing regulations for PoS agents in Nigeria.
Speaking on the launch of the PoS solution, Zone CEO Obi Emetarom said, “Today marks a pivotal moment not just for us at Zone but also for the Financial Institutions we enable and the esteemed customers they serve. Our PoS Payment Gateway Product is a commitment to financial inclusion and the digital future of all payments in Africa.
“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,” he added.
