Zimbabwe-based Edgetech Solutions is set to launch an m-payment service that uses sound-based communication technology in smartphones.
The technology was developed by Brazil-based NearBytes and generates a unique code for each transaction. Details of the payment are transmitted to the user’s smartphone who confirms the transaction and send the info back to the mPOS. Users don’t need to be online at the moment of the payment.
“The mobile payments company validates the code with our TSM server,” Marcelos Ramos, NearBytes’ chief technology officer added. “The server will be integrated with Edgetech systems. So, for each payment, the OTP will be authenticated in our TSM server. The rest of the process is handled by Edgetech. Our TSM just authenticates that some particular identity is willing to pay a certain amount of cash. Checking balance, transferring funds and all the rest is up to the payment company.”
Both companies said some banks are already interested in the solution and that it could be launched in a few months.
“We expect this product to be quite popular, because the use of sound to transfer data does not require special hardware apart from a speaker and microphone,” added Wilson Tawodzera, Edgetech’s managing director. “We see Edgepay growing to encompass things like ATMs and ecommerce payments. We believe in adding value for our customers, and our prices are the most affordable around.”
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.
Advertisement: Scroll to Continue
