In a recent update, Nigerian-based financial technology company - Interswitch has partnered with a Kenyan-based fintech compnay - Elie technology, otherwise known as Tuma to development a new payment innovation for Kenyans. The partnership has birthed Tumatap, a new payment innovations that'll be letting people to make contactless payment in Kenya.
According to both companies, the partnership is not only for individuals, it's also aimed toward making payments smoother, easier and seamless for merchants, businesses and their customers, especially for Micro, Small, and Medium Enterprises (MSMEs).
However, it worth noting that this partnership follows the Interswitch's approval to facilitated card transactions for Tumatap merchants and businesses. Through the approval by the country's authorities, both fintech companies will be able to work hand-in-hand blending Tuma’s soft PoS tech with Interswitch’s solid card processing and fraud protection.
How Tumatap contactless payment works
The Tumatap works has a versatile solution that transforms any Android or iOS smartphone, and even feature phones, into a point-of-sale (POS) system without the need for real POS machine. This makes it incredibly convenient for merchants and businesses to accept contactless payments using their smartphones to collect payments from customers.
In other words, Tumatap system operates by letting business's customers to make payments by simply tapping their card or device on a merchant's smartphone. This tap-to-pay feature enhance and speeds-up the payment at the checkout point, making transactions easier, faster, seamless and more efficient for both merchants/businesses and customers.
Furthermore, Tumatap uses a local processing, which helps the company to keep transaction costs lower than the international payment systems. This cost efficiency strategies is typically beneficial for entrepreneurs and businesses looking to maximize their profits. Lastly, the transaction data collected through Tumatap offers valuable insights to merchants, helping them better understand their customers and improve their overall business operations.
