Zone launches PoS gateway with instant settlements

Zone, the company behind Africa’s first regulated blockchain network for payments, announced the launch of its new “ZonePOS” point-of-sale payment gateway solution on June 5. 

The new product appears to be a novel solution for the area, according to a press release from Zone.

Per Zone, the company’s blockchain-powered payment infrastructure implements direct transaction routing to issuers within regulatory guidelines on interbank payments. This marks one of the few, if not the only, decentralized gateway for currency-agnostic payments in the African market.

Source: Zone.

Zone CEO Obi Emetarom, in a press release, commented:

“Our PoS Payment Gateway Product is a commitment to financial inclusion and to the digital future of all payments in Africa. With this new offering, we are excited to have taken yet another major step towards our vision for a world where individuals and businesses can make and receive instant payments to and from anyone in the world, through any payment method and in any currency.”

Among the product’s features are increased transaction speeds, with Zone promising same-day settlements with ZonePOS. The service also features blockchain-based charge-back protection.

According to the press release, Zone’s PoS payment gateway “eliminates chargebacks and chargeback fraud on PoS terminals by auto-refunding customers for unsuccessful transactions and auto-declining fraudulent chargebacks in real-time.”

Related: Nigeria’s interest in Bitcoin unfazed by regulatory restrictions

The new product comes amid a changing regulatory environment in Nigeria, one of the areas where ZonePOS is launching.

As Cointelegraph recently reported, younger citizens have expressed “bewilderment” over the current government’s pushback against the cryptocurrency and blockchain industries.

Nigerian President Tinubu pledged to legalize and support cryptocurrency technology during the campaign for his presidency. However in the time since he was elected in February of 2023, the government has made seemingly anti-crypto moves causing supporters to question Tinubu’s intentions for the sector.