Local mobile payments start-up Emerge Mobile has commercially launched its smartphone payment card acceptance solution, The Edge.
iKhokha, a Cape Town-based financial services brand created by Emerge Mobile, is the inaugural go-to-market vehicle for The Edge, a compact chip-and-PIN card reader that plugs into iOS or Android smartphones, and is coupled with the free iKhokha mobile app.
Following a successful closed pilot with selected merchants, says Emerge Mobile, the iKhokha offering is now commercially available throughout SA.
In conjunction with the mobile app, The Edge transforms a smartphone into a secure mobile point of sale (mPOS) terminal, enabling merchants to process chip-and-PIN and magstripe, debit and credit card payments, as well as selected mobile wallet transactions.
The launch follows Emerge Mobile achieving Payments Council International Payment Terminal Security, and Europay, MasterCard and Visa level one and two certifications for the solution earlier this year - an African first, according to the start-up.
SME solution
The Edge is registered with the MasterCard Mobile mPOS programme and the Visa Ready programme, showcasing it to international acquiring banks and creating the potential for it to be used by strategic distribution partners and acquiring clients worldwide.
Matt Putman, MD of Durban-based Emerge Mobile, says the launch of iKhokha will give potential acquirers from across Africa and other international markets the opportunity to see the solution active in a real life situation.
"This commercial launch is a realisation of Emerge Mobile's vision to create an mPOS solution that will improve the lives of SMEs in SA."
South African merchants can purchase The Edge online, and registration is available to all businesses irrespective of whom they bank with. Once an application is approved, the device is dispatched via courier, reaching the merchant within five working days. Absa is the acquiring licence provider working with Emerge Mobile in SA.
The solution, which costs about R1 000 ($96), charges merchants a flat rate of 2.75% per transaction, with no monthly fee. Merchants can alternatively rent The Edge adapter over a 24-month period.
Emerge Mobile says it aims to expand into both emerging and developed markets.
"The solution can be white-labelled for an acquiring client's brand, or we can launch a similar brand to iKhokha in other international markets," says Putman.
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