Zone Introduces Blockchain-Based PoS Payment Gateway to Prevent Chargeback Fraud
In a significant step towards enhancing transaction security, Zone has unveiled a blockchain-powered Point-of-Sale (PoS) payment gateway designed to address the ongoing challenge of chargeback fraud.
Zone’s PoS payment gateway is anticipated to empower banks and fintech companies deploying PoS terminals to streamline payment facilitation. This product will enable direct routing of transactions to issuers, enhancing efficiency and security.
This cutting-edge solution harnesses the power of blockchain technology to offer a more secure and transparent payment process, benefiting both merchants and consumers.
This innovative solution leverages the inherent strengths of blockchain technology to provide a more secure and transparent payment process for merchants and consumers alike.
Chargeback fraud, where customers dispute legitimate transactions to reclaim funds, has long been a significant challenge for businesses. Traditional PoS systems often struggle to provide the robust verification needed to prevent such fraudulent activities. By integrating blockchain technology, Zone’s new payment gateway offers a decentralized and immutable ledger that records every transaction in real time, ensuring greater transparency and security.
Zone’s blockchain-based PoS system also enhances transparency for consumers. Each transaction is recorded on a public ledger, accessible to both parties, fostering trust and accountability. This transparency can significantly reduce the incidence of chargebacks, as disputes can be quickly resolved through the verification of the blockchain records.
Zone, a company dedicated to building banking infrastructure, recently rebranded from AppZone to Zone to shift its focus toward blockchain payments. Three months ago, it secured $8.5 million in an oversubscribed seed funding round.
Zone’s entry into the PoS market coincides with Nigeria’s regulatory tightening for PoS agents. In May 2024, following a federal government directive, PoS operators are now required to register with the Corporate Affairs Commission (CAC) to combat fraud and promote transparency.
This mandate requires all 1.9 million PoS agents in Nigeria to comply by July 7, 2024.
By leveraging the unique capabilities of blockchain, Zone is paving the way for a more secure and transparent payment landscape, benefiting merchants and consumers alike.
