IKaaz is launching a Near Field Communication mobile payments platform in Nigeria to take advantage of the proliferation of mobile devices locally and in other nations in Africa.
"It is very encouraging to see that African partners are very interested in embracing NFC-based innovative mobile payment solutions," says Soma Sundaram, founder and CEO of iKaaz, in a Feb. 26 press release.
Sub-Saharan African countries are attractive markets for digital payment methods since residents have few other financial services options and so still primarily use cash, but most adults have mobile phones.
The Bangalore, India-based mobile payments provider, iKaaz has built a consumer mobile wallet and a merchant mobile point of sale system. Consumers will use NFC tags attached to a mobile device to make payments from a linked mobile wallet. The platform also supports SMS text message payments.
IKaaz also offers a payments platform for financial institutions. The company has already entered a partnership with First City Monument Bank PLC, headquartered in Lagos, Nigeria. The bank, the seventh largest Nigerian bank, operates more than 300 branches.
The iKaaz technology links to a cloud-based payment acceptance system, which allows merchants to update multiple point of sale devices quickly from one device instead of managing software and hardware at each location.
Many merchants have been touting the benefits of cloud-based point of sale system management. These include merchants using ShopKeep POS in Brooklyn, N.Y., and restaurant chain Pizza Patron, which uses Revel Systems.