Can you ever transact in Nigeria without a pos machine with the current situation of things in the country?
Well, the answer is YES…
…And that yes is Kuda SoftPOS..
Hello… to Kuda SoftPOS
Nigerian fintech startup, Kuda, is introducing new added mobile banking operation system to its Kuda Business mobile app called the Kuda SoftPOS. The new features also include Sales Mode, Kuda Payroll, and business registration.
The new feature, which is launching soon will allow users to accept card payments from their mobile phones.
SoftPoS comes as an added value to customers allowing them to pay with their mobile phones by turning user’s regular smartphone or tablet into a secure contactless payment terminal.
While any Android phone running version 8.0 or higher with an NFC module can use it, payments can be made using a plastic card or its virtual equivalent.
Kuda in the News
The digital bank is discontinuing free monthly interbank transfers for Kuda Business accounts.
Back in 2019, Kuda introduced 25 free monthly transfers, each of which cost an additional ₦52.50 (11 cents), enabling customers to save up to ₦15,000 ($32.60) yearly.
However, in 2022, the company announced it would start charging a ₦50 (11 cents) stamp duty charge on all deposits above ₦10,000 ($21.73). Therefore, starting March 17, 2023, Kuda would terminate the 25 monthly free transfers.
Kuda business accounts will now pay a flat rate of ₦10 ($0.022) for every transfer. But personal accounts holders will continue to enjoy the free monthly transfers.
Kuda Launches SoftPOS for Smartphone Devices
SoftPoS is short for Software Point of Sale. NFC technology allows you to accept EMV contactless cards – turning your smartphone device or tablet into a secure payment mode.
What is EMV Contactless Transaction?
EMV stands for Europay, MasterCard® and Visa® and refers to an increased security of payment card transactions through the use of a chip embedded in credit, debit, and prepaid cards. Contactless EMV cards use near-field communications (NFC) for making secure payments. An embedded EMV chip and antenna enable consumers to wave their card over a reader at a point-of-sale (POS) terminal to make payments.
If you are an Android user, majority of new Android devices have an NFC chip in the phone. Your phone’s NFC chip needs to be activated before using the NFC. Go to settings and in the “search settings” bar, type “NFC”. Tap on the NFC toggle to activate it and follow the steps outlined in your mobile device.
Kuda SoftPOS Requirements
- The SoftPoS works on any Android phone of version 8.0 or higher with an NFC module.
- With your Android device, you can say goodbye to POS machines!
- The mobile device, once built-in with NFC functionality, can make payment without using plastic cards.
- Your plastic card still remains useful on devices like ATM or POS machines especially where contactless payment is not possible.
- You only need the card number and PIN to make payments.
However, before you can use this functionality for your everyday needs, you must open an account with Kuda and download their App from the Apps Store.
Kuda is a fintech company and unlike traditional banking business operations, you can open an account, verify your identity, and order for your debit card at the comfort of your home.
Benefits of Using Kuda Bank
1. Saves the Future
Putting money away for the future is smart but it takes discipline – something humans don’t have in abundance. Kuda is using technology to solve this by automating saving. You set an amount to save and the Kuda app takes care of the rest, prompt interest payout included.
2. Spend Effortlessly
Kuda gives you more than one way to pay easily, including a widely accepted debit card issued in partnership with Visa, quick web payments directly from your Kuda account, and location-based gift cards for shopping and subscriptions.
3. Sending Funds with Ease
From international transfers to on-the-spot payments at market stalls, Kuda has simplified sending money so you don’t need to think too much about it.
You can find your friends on Kuda and make unlimited instant transfers free of charge, send money to local banks without breaking a sweat, or fulfil your promises to family across borders.
4. Investments Opportunities
Kuda is bringing verified global investment options closer to every African with fractional shares on Kuda, giving anyone with a Kuda account the opportunity to grow their money wherever they are in the world.
5. Great Customer Supports
You can chat with the customer representatives on the app; just slide into their DMs, tweet, leave an Instagram comment, send an email or call. However you choose to reach out, Kuda has a friendly representative who are willing to make life easy for their customers.
Contact details:
Call: 0700022555832
Email: [email protected]
Website: https://kuda.com/contact/
Download Kuda App: https://kuda.com/joinKuda/
