Edgetech Solutions, a Zimbabwe-based banking technology provider, is gearing up to roll out a new mobile payment service that enables users to pay at the point-of-sale (PoS) through a sound emitted by their mobile phone.
The company has developed an Android and iOS app leveraging technology from Brazil-based NearBytes to create one-time passwords in the form of sounds.
Go deeper with GlobalData
The company said that the Edgepay solution will generate disposable payment codes that are played to an Edgetech point-of-sale device from a mobile phone running the Edgepay app, as reported by nfcworld.com.
These codes are actually one-time passwords (OTPs) which can be used only once.
Edgetech Solutions managing director Wilson Tawodzera was quoted by nfcworld.com as saying, "A native application integrated to NearBytes is installed on a mobile device; on the POS terminal, we also have an application integrated to NearBytes using the Linux API for NearBytes."
Through the service, the customer can view the transaction details and then inputs his mobile banking PIN to authenticate the transaction. The details are then transferred back to the POS terminal from the mobile device, including the authentication details which are encrypted. The POS terminal sends the request to the bank for processing and prints a receipt on successful response.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBoth companies said that they have finished development of the service recently and are eyeing banks and financial institutions to use their services.
