Zone, the company responsible for Africa’s pioneering regulated blockchain network for payments, has introduced its innovative “ZonePOS” point-of-sale payment gateway solution on June 5, as per an announcement from the company.
This new product is being hailed as a groundbreaking solution for the region, as stated in a press release from Zone. The company’s blockchain-powered payment system facilitates direct transaction routing to issuers while adhering to regulatory standards for interbank payments. It stands out as one of the few, if not the sole, decentralized gateway for currency-agnostic payments in the African market.
Zone CEO, Obi Emetarom, expressed in a press release, “Our PoS Payment Gateway Product reflects our commitment to financial inclusion and the digital evolution of payments across Africa. With this latest offering, we are thrilled to have taken a significant stride towards realizing our vision of a world where individuals and businesses can conduct instant transactions with anyone worldwide, using any payment method and in any currency.”
The ZonePOS service boasts enhanced transaction speeds, promising same-day settlements. Additionally, it includes blockchain-based protection against chargebacks.
The press release highlights that Zone’s PoS payment gateway “prevents chargebacks and chargeback fraud on PoS terminals by automatically refunding customers for failed transactions and instantly rejecting fraudulent chargebacks.”
This launch comes at a time of evolving regulations in Nigeria, where ZonePOS is being introduced. Recent reports from Cointelegraph indicate that younger residents are puzzled by the government’s resistance towards the cryptocurrency and blockchain sectors.
During his presidential campaign, Nigerian President Tinubu had committed to legalizing and supporting cryptocurrency technology. However, since assuming office in February 2023, the government’s actions have appeared to be anti-crypto, prompting supporters to question Tinubu’s stance on the industry.