The ability for small businesses to accept payments on a smartphone has been revolutionary for businesses of all sizes. Tap-on-phone technology, although in its early days, has the potential to play a key transformative role in driving financial inclusion throughout Africa.
Now South Africa’s biggest digital bank, TymeBank, has announced it will move its Tap-on-Phone customers to the iKhokha Tap-on-Phone platform. This move will give busines banking customers access to iKhokha’s all-in-one suite of intuitive business tools, including cash advance products, sales reports, business insights, and online payment acceptance solutions.
“We believe providing access to innovative solutions for South African businesses to truly fulfil their potential is a key contributor to the broader economy,” says Greg Illgner, Chief Strategy Officer at TymeBank. “To that end, iKhokha’s credentials speak for themselves. iKhokha is perfectly positioned to empower TymeBank business customers to thrive.”
This announcement comes a few weeks after TymeBank announced its first month of profitability in December 2023, less than five years since launching.
iKhokha CEO Matt Putman says: “TymeBank has done an incredible job at building seamless banking distribution into key segments of the South African economy, and we couldn’t be prouder to support TymeBank customers with our Tap On Phone technology.
“Both brands can continue to revolutionise the small business landscape for entrepreneurs in South Africa. Our small business sector is massively resilient despite a tough trading environment, and we will continue to help entrepreneurs and SMEs to believe in better business by investing in our SME focused financial services platform to expose more local SME’s to the digital economy.”
iK Tap on Phone service, which is now available to all TymeBank customers, makes use of a business owners’ smartphones, with no transactional limits and quick setup. A variety of card machines are also available.
Additional payment acceptance options include a payment gateway for e-Commerce, QR Code and Paylink functionality, an invoice tool, and a business management dashboard with daily sales analytics to allow business owners to set sales targets, performance sales tracking, and sales reporting.
* For more information visit www.tymebank.co.za.