Africa’s pioneering blockchain network for payments, Zone, has introduced its cutting-edge “ZonePOS” point-of-sale payment gateway solution on June 5, making a remarkable addition to the region’s financial technology landscape, as per an announcement from the company.
Zone’s innovative payment infrastructure, powered by blockchain technology, facilitates direct transaction routing to issuers while adhering to regulatory standards on interbank payments. This sets it apart as one of the few, if not the sole, decentralized gateway for currency-agnostic payments available in the African market.
CEO of Zone, Obi Emetarom, expressed in a press release the company’s dedication to financial inclusivity and the digital evolution of payments across Africa. The launch of the new PoS Payment Gateway Product signifies a significant stride towards their vision of enabling individuals and businesses to carry out instant cross-border transactions in any currency through any payment method.
The ZonePOS payment gateway offers enhanced transaction speeds, ensuring same-day settlements and providing blockchain-based protection against chargebacks. Zone’s PoS payment gateway is designed to prevent chargebacks and chargeback fraud on PoS terminals by automatically refunding customers for failed transactions and promptly declining fraudulent chargeback attempts in real-time.
This release comes at a time of shifting regulatory dynamics in Nigeria, one of the key markets where ZonePOS is being introduced. Recent reports have highlighted the confusion among the younger populace regarding the government’s resistance towards the cryptocurrency and blockchain sectors.
Although Nigerian President Tinubu had previously promised to legalize and endorse cryptocurrency technology during his campaign for presidency, his administration’s actions following his election in February 2023 have raised doubts among supporters about his stance on the industry.