Kenya’s biggest bank by market share Equity Bank is set to hand out more than 300,000 Near Field Communication (NFC) smartphones to restraurants, retail stores and supermarkets throughout the east African country.
Retailers will not have to pay a dime for these handsets since they are cheaper, secure and much faster as a payment method.
CEO James Mwangi said the institution targets businesses with fast moving clients that include eateries, retail stores and supermarkets in Kenya, one of the first growing economies in East Africa.
The NFC enabled phones and cards will help Equity Bank be well- positioned to significantly increase volumes and commission from payment processing.
“Our new MasterCard ATM cards are tap-and go hence the need to put mobile point sale (PoS) devices with merchants to process payments,” said Mr. Mwangi.