Nigeria has over 150 million mobile phone users, many of them using basic and internet enabled feature phones even though the smartphone user population is growing by the minute. Many of these phones can’t stand NFC-Powered mobile payments.
However, iKaaz, a Bangalore-based mobile payments platform for enterprises in emerging markets has launched in the country to offer its innovative NFC-powered tap and pay services to Nigerian merchants and consumers, miraculously on their feature phones.
iKaaz has a tag which converts any phone into an NFC-enabled one for consumers while for merchants, it has a reader for them to plug into their mobile phones and turn them into mobile point of sales points. This gives a customer an NFC-enabled phone as long as they get the tag and the merchant, a reader to receive payments.
“It is encouraging to see that African partners are very interested in embracing NFC-based innovative mobile payments solutions. We are also extremely proud to have the opportunity to partner with FCMB Bank here in Nigeria,” said Soma Sundaram, Founder & CEO of iKaaz.
iKaaz provides a comprehensive suite of end-to-end mobile payments solutions that include a feature rich mobile wallet, an innovative – yet cost effective mPOS (mobile Point of Sale) and a robust payments platform that allows banks, operators and financial institutions to extend mobile payments to their customers in a fast, secure and cost effective manner.
Consumers use NFC tags that are linked to the mobile wallet similar to a debit card that is linked to bank accounts; while merchants on the other hand, will use iKaaz NFC mPOS to complete transactions all of which are processed by iKaaz’s robust payments platform.