Zone, the innovator behind the pioneering blockchain network for payments in Africa, has introduced its latest creation, the “ZonePOS” point-of-sale payment gateway solution, on June 5.
Described as a groundbreaking development for the region, Zone’s press release highlights that the company’s blockchain-based payment infrastructure facilitates direct transaction routing to issuers within the framework of regulatory standards on interbank payments. This sets it apart as one of the very few, if not the sole decentralized gateway for currency-agnostic payments available in the African market.
Zone’s CEO, Obi Emetarom, expressed in a press release, “Our PoS Payment Gateway Product embodies our dedication to financial inclusivity and the digital evolution of payments in Africa. With this innovative offering, we are thrilled to have taken a significant step closer to our vision of a world where individuals and businesses can effortlessly send and receive instant payments globally, using any payment method and in any currency.”
The ZonePOS product boasts various features, including enhanced transaction speeds, with Zone assuring same-day settlements through its platform. Additionally, the service incorporates blockchain-based safeguards against chargebacks.
According to the announcement, Zone’s PoS payment gateway “prevents chargebacks and chargeback fraud on PoS terminals by automatically refunding customers for failed transactions and swiftly rejecting fraudulent chargebacks in real-time.”
This unveiling comes amidst shifting regulations in Nigeria, one of the key markets where ZonePOS is being introduced.
Recent reports from Cointelegraph underscore the confusion among younger Nigerians regarding the government’s resistance towards the cryptocurrency and blockchain sectors.
President Tinubu of Nigeria had promised to legalize and endorse cryptocurrency technology throughout his presidential campaign. However, since his election in February 2023, the government has taken actions deemed unfavorable to the crypto industry, prompting supporters to question Tinubu’s stance on the sector.