Zimbabwean firm unveils sound-based in-store m-payments system
11 June 2014 | 6224 views | 10
A Zimbabwean technology firm has developed an in-store payments system that lets shoppers pay at the point-of-sale through a sound emitted by their mobile phones.
Edgetech Solutions has built an Android and iOS app that uses technology from Brazil-based NearBytes to create one-time passwords in the form of sounds.
To make a payment, customers open the app and place it next to a specially-designed POS terminal with an integrated app and a microphone and speaker.
The terminal transmits details of the transaction to the handset and the user enters their banking PIN before placing the phone next to the terminal again to confirm the payment. Finally, the POS terminal sends the request to the bank for processing and prints out a receipt.
Wilson Tawodzera, MD, Edgetech Consultancy, says that the technology has attracted serious interest from several local banks and that the firm expects deployments to begin within the next few weeks.