In a blurring of boundaries between banks and telecommunications operators, Telkom has launched a mobile point-of-sale (mPOS) solution aimed at small, medium and micro enterprises.
The solution looks set not only to challenge the big banks, but also technology-led alternative payment providers such as Yoco and iKhokha.
Launched by Telkom Financial Services, the mPOS app for smartphones allows business owners to make and receive payments through their mobile phones.
The app serves as a “speed point” machine in your pocket that can be used anytime and anywhere, Telkom said.
The Telkom Pay mPOS app is available for Android, Apple and Huawei users on the respective app stores and requires no paperwork or a physical point-of-sale device.
“It is a pay-as-you-use solution with a competitive rate of 2.5%,” the company said.
“Telkom Pay mPOS also includes a virtual card that is built into the app. Businesses can transfer funds from the app to their business accounts and can replenish inventory from their suppliers using the EFT functionality that is integrated into the solution.”
Business owners can receive payments from customers by tapping their cards or scanning a QR code. They can also use the app to pay employee salaries.
In December 2020, Telkom introduced the Telkom Pay Digital Wallet, a payment service that allows consumers to make and receive payments through WhatsApp. – © 2022 NewsCentral Media