NEWS
Halo set to boost financial inclusion
Synthesis , an innovative software and consulting company , has announced the launch of Halo , the tap-on-phone contactless payment solution . Halo is the first of its kind in Africa and allows any merchant to instantly receive payments .
Vodacom M-Pesa customers to reap US $ 1.5 million as interest from mobile money transactions
Customers need to simply tap their cards on the merchant ’ s phone to make payment .
The solution opens the door to informal retailers , spaza stores and street vendors to accept a safer alternative to cash and give them the opportunity to accept card transactions . They will no longer be blocked by the cost of point of sale ( POS ) devices and the maintenance that can come with it .
“ With Halo , informal traders can simply use their current phones to transact . The high adoption of mobile phones across Africa means the technology will be accessible to everyone that owns an Android device .
“ The ease of use and accessibility of the app will appeal to all vendors , from informal traders to small and medium enterprises . Fundamentally , this will reinvent payments across the continent ,” said Pierre Aurel , Product Manager , Synthesis . “ There is no need for fixed telephony lines as it relies on mobile connectivity from the phone or Wi-Fi . From a security perspective , it is as safe as traditional POS terminals with none of the cost or infrastructure limitations .”
Digital and telecommunications company , Vodacom Tanzania PLC , has announced a bonus interest payment to its mobile money users . According to the telco , the over eight million Vodacom M-Pesa customers will receive their share of the 3.5 billion shillings ( US $ 1.5 million ) profit accumulated on M-Pesa Trust Accounts as a benefit from using the service .
Customers who are eligible for the interest are the ones who transacted between January 1st to March 31 , 2020 .
Epimack Mbeteni , Director of M-Commerce , Vodacom Tanzania , said the profit will be paid to all individual customers , retail agents and other M-Pesa business partners who will receive payments basing on their M-Pesa wallet transactions .
“ Our mobile money service , M-Pesa , continues to be a remarkable success story , delivering significant social and financial value to Tanzanians .
“ We have seen substantial growth on the M-Pesa platform with more customers , agents , merchants and institutions transacting more than 100 billion Tanzania shillings ( US $ 43.1 million ) through M-Pesa each day . We are happy with the growth which is why today we can disburse 3.5 billion Tanzania shillings ( US $ 1.5 million ) in interest to our customers ,” he said .
Vodacom Tanzania PLC has over 11 million customers on its M-Pesa platform commanding a market share of 39 % according to recent Tanzania Communications Regulatory Authority ( TCRA ) figures . • www . intelligentcio . com INTELLIGENTCIO
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