Decoder: Understanding 'Absa Mobi Tap SoftPOS'

About a month ago, Absa launched "Mobi Tap SoftPOS", a product the bank claims will take transactions convenience to a new level. BW TechZone caught up with Mmoloki Modise, eCommerce Analyst at ABSA, to learn more about the product and how it intends to revolutionise payment processing in Botswana.

What was the rationale behind launching the Absa Mobi Tap SoftPOS solution? 

Mmoloki Modise: The Absa Mobi Tap solution is just one of many investments in its Digital journey and innovative ways of Empowering Africa’s tomorrow, together, One story at a time. Absa's key focus is the drive towards digital-first solutions, particularly solutions that are digitally agile and responsive to our customers' needs. The roll-out of Contactless Cards across the country and globe paved the way for Absa Mobi Tap, taking transactional convenience to the next level. There is a whole ecosystem where cash is the only mode of transactions and with Mobi Tap we are going to empower them to accept Cards as a convenient mode of payment. It also helps progress the Absa Banks agenda of promoting digital adoption and Financial Inclusion.

Could you explain how the Absa Mobi Tap SoftPOS works and how merchants and Micro and Small Medium Enterprises can seamlessly integrate it into their existing systems? 

MM: Merchants – Small and Micro will be able to accept payments by customers simply tapping their Contactless cards on NFC-enabled Android devices as opposed to traditional point-of-sale terminals, which will transform the way many businesses operate. The Absa Mobi Tap offering is a soft POS Solution, which allows merchants to use their phones in place of traditional Point-of-Sale (POS) devices to process contactless card transactions. This solution essentially transforms commercial off-the-shelf smartphones and tablets into secure contactless payment terminals that require no additional hardware, plug-ins, card readers, or dongles to accept PIN-protected Contactless card payments, which also means lower hardware costs. The payment confirmation is sent to the Cardholder and the Merchant digitally via either an SMS or email, which is very eco-friendly.

What impact will the Absa Mobi Tap SoftPOS have on consumers in terms of convenience, security, and overall user experience?

MM: This is also a quick win for businesses that do not have immediate access to physical POS terminals, as payments can be accepted anywhere, anytime! It also makes your business very mobile, one can easily participate in exhibitions, farmers markets etc and have Contactless Cards as a mode of payment. It also gives transportation businesses such as Bus and Taxi operators to present an alternative convenient mode of payment via the Card. There are individuals who have side hustles over the weekend to sell small stock and agri produce and having Mobi Tap would just complement their business to grow manifold.

Customers will be allowed a maximum cumulative value of P1,000.00 for Contactless PINLESS transactions a day with a threshold of P300.00 per transaction. For payments above the P300 threshold, cardholders will be prompted to enter their PIN. Receipts are sent digitally via SMS or email thereby having access to digital records of your spending for a longer period.

The solution ensures end-to-end encryption similar to regular POS devices and has leveraged technology to make business more versatile in this age of digitization.

Can you provide information on the benefits that the Absa Mobi Tap SoftPOS provides to merchants, Micro and Small Medium Enterprises, and their customers, in comparison to traditional POS devices?

MM: Easy to download and is linked directly to the merchant's operational account which follows the current as-is process of reconciliation and settlement. Minimal merchant education is required. Quick to market flexibility on having a mobile App that merchants can initiate on the phone whenever there is a payment need. Quick turnaround time on merchant onboarding reputational risks related to the delays associated with hardware deliveries. Overall reduces the hardware costs and makes your business truly mobile.

Can you share any insights or data on the benefits or successes experienced by early adopters of the Absa Mobi Tap SoftPOS, and how it has positively impacted their businesses and customer interactions?

MM: Currently, we have had good positive responses from our customers, we had interactions with other small and medium enterprises and they are coming forth to apply for the solution. The initial feedback is encouraging and reassures us that the solution is in the right step and will empower many business ideas in the days ahead.

Previous Post Next Post