Nedbank has launched the first live EMV certified mobile point-of-sale (POS) solution in South Africa. The Nedbank PocketPOS enables businesses to process debit and credit card transactions by using a smartphone connected to a secure card reader.
The launch of PocketPOS is in line with Nedbank’s aspiration to be a leader in digital banking, providing convenience, mobility, security and ease of access to banking, anytime, anywhere. It equally supports Nedbank’s continued focus on partnering with SMEs for growth for a greater South Africa by providing seamless banking experiences for all the needs of business owners, including their business, employees and household.
‘At Nedbank, we seek to provide our clients with a choice of distinctive, client-centred banking experiences and continuously innovate to deliver on this. Small to medium-sized businesses are important to Nedbank, which is why we are delighted to introduce a solution that talks to the heart of any business operation: receiving payments in a safe, convenient, mobile and cost-effective way, as an alternative to cash,’ says Ingrid Johnson, Group Managing Executive of Nedbank Retail and Business Banking.
‘PocketPOS is an exciting addition to our existing suite of business products, and one of several Nedbank is planning to introduce over the coming months as we build up to the second year of the Small Business Friday initiative in association with the National Small Business Chamber (NSBC),’ Johnson adds.
PocketPOS‚Ñ¢ is suitable for any business that wishes to accept card payments securely without access to a fixed data or telephone line or where low frequency of card acceptance does not warrant the higher rental cost of a traditional POS device.
‘It creates the opportunity for many smaller businesses to accept card payments where this would not have been considered feasible up to now. It gives businesses on the move, such as plumbers, electricians or delivery services, the ability to reduce cash acceptance when making sales and processing payments on the road. Effectively, we believe PocketPOS will change the way they do business,’ says Sydney Gericke, Managing Executive of Nedbank Card and Payments.
PocketPOS is designed to operate in South Africa where EMV ‘CHIP & PIN’ technology has been mandated, and uses a certified secure card reader and advanced encryption to capture and protect the card data and PIN.
‘Mobile card acceptance solutions, such as Square, have been in operation in the USA for a few years: however, these solutions are typically magnetic-strip and signature-based,’ explains Gericke. ‘PocketPOS is a first in South Africa and the only mobile POS device in Africa and the Middle East using ‘CHIP & PIN’ technology, which has been certified by MasterCard, Visa and American Express, with all the security usually included in a standard POS device.’
Philip Panaino, Division President for MasterCard in South Africa confirms, ‘Nedbank PocketPOS expands the card acceptance reach beyond the traditional card acceptance footprint in South Africa, provides merchants with a new way to receive payments and gives consumers a new, convenient and safe way to pay for their goods. PocketPOS adheres to the crucial ‘CHIP & PIN’ security certifications mandated by the industry. We congratulate Nedbank on this landmark achievement.’
The solution comes in the form of two different secure card readers. The first is a small device with a secure PIN pad that requires the merchant to capture an email address into the smartphone application and, on acceptance of the transaction amount, sends a digital receipt to the captured email address. The second, alternative, device provides the ability to print out a physical receipt, much like in the case of a traditional POS. Both card reader devices have a secure PIN pad for PIN entry and utilise Bluetooth technology to connect to the smartphone.
‘PocketPOS‚Ñ¢ will reduce the cost of card acceptance for entry level-merchants, who could save up to 50% on their existing card acceptance costs. Nedbank will offer a choice of innovative pricing bundles, allowing business clients to select the bundle most applicable to their transaction volume. Clients have the flexibility to upgrade from one bundle to another should their transaction volume increase. The cost of the device will be included in these bundles,’ Gericke explains.
Following today’s launch, PocketPOS will initially be used by a small, selected group of existing Nedbank clients and this number will be gradually increased to scale during the second quarter of 2013. Clients who are interested in this solution can access additional information and log their contact details via the SimplyBiz website (www.simplybiz.co.za).
Johnson concludes, ‘The benefits of this innovation are vast for both business and consumers. PocketPOS provides a secure alternative to cash and we are extremely excited about bringing mobile card acceptance to South Africa, as we believe this will be a true enabler of small-business growth in the future’.