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Family Bank signs tap-to-pay deal with Indian company
By JAMES KARIUKI
Posted Thursday, June 5 2014 at 21:30
In Summary
Family Bank has signed a partnership deal with Indian technology company iKaaz, which will see it launch a wireless payments service for its customers across the country.
The move is in tandem with Kenyan banks' race to cashless and mobile phone-based payments stirred in part by the impending migration to electronic payment for government services and public service vehicles.
READ: Debit card transactions drop with rise in cashless payment options
The Bangalore-based iKaaz said its partnership with Family Bank will enable the lender to offer the Tap & Pay service to its customers.
"Family Bank customers can now expect to move faster through checkout at retail stores as well as be able to use the same payment tags to pay fare in public service buses, fuel at petrol stations and even food in established restaurants and malls," said iKaaz in an international Press release.
Family Bank also confirmed the deal. The system seeks to take advantage of free Wi-Fi offered in matatus, shopping malls as well as restaurants where the communication will be based on Near Field Communication (NFC) and a blue-tooth powered, cloud based payments platform.
"Kenya is a global leader in mobile payments and we are extremely encouraged to see that our ‘Tap & Pay' solution will play an integral role within the Kenyan mobile payments ecosystem," said Soma Sundaram, founder and chief executive officer of iKaaz.
The iKaaz cloud-based payments platform runs secure cash transfers for settlement of bills and payment for goods.
iKaaz focuses on offering mobile payments for enterprises in emerging markets.
It is also in the Nigerian market.
iKaaz is partnering with EDGE financial systems to offer the technology to Family Bank.
"We are delighted to have been involved with iKaaz's expansion plans for Kenya and are extremely excited to get an endorsement of Family Bank, a prestigious institution. We are true believers of NFC and we are sure it will play a huge role in the payments space for many years to come," said Chibuzo Ene, the EDGE financial systems co-founder.
By JAMES KARIUKI
Posted Thursday, June 5 2014 at 21:30
In Summary
- Bangalore-based iKaaz said its partnership with Family Bank will enable the lender to offer the Tap & Pay service to its customers.
- The system seeks to take advantage of free Wi-Fi offered in matatus, shopping malls as well as restaurants where the communication will be based on Near Field Communication (NFC) and a blue-tooth powered, cloud based payments platform.
- iKaaz is partnering with EDGE financial systems to offer the technology to Family Bank.
Family Bank has signed a partnership deal with Indian technology company iKaaz, which will see it launch a wireless payments service for its customers across the country.
The move is in tandem with Kenyan banks' race to cashless and mobile phone-based payments stirred in part by the impending migration to electronic payment for government services and public service vehicles.
READ: Debit card transactions drop with rise in cashless payment options
The Bangalore-based iKaaz said its partnership with Family Bank will enable the lender to offer the Tap & Pay service to its customers.
"Family Bank customers can now expect to move faster through checkout at retail stores as well as be able to use the same payment tags to pay fare in public service buses, fuel at petrol stations and even food in established restaurants and malls," said iKaaz in an international Press release.
Family Bank also confirmed the deal. The system seeks to take advantage of free Wi-Fi offered in matatus, shopping malls as well as restaurants where the communication will be based on Near Field Communication (NFC) and a blue-tooth powered, cloud based payments platform.
"Kenya is a global leader in mobile payments and we are extremely encouraged to see that our ‘Tap & Pay' solution will play an integral role within the Kenyan mobile payments ecosystem," said Soma Sundaram, founder and chief executive officer of iKaaz.
The iKaaz cloud-based payments platform runs secure cash transfers for settlement of bills and payment for goods.
iKaaz focuses on offering mobile payments for enterprises in emerging markets.
It is also in the Nigerian market.
iKaaz is partnering with EDGE financial systems to offer the technology to Family Bank.
"We are delighted to have been involved with iKaaz's expansion plans for Kenya and are extremely excited to get an endorsement of Family Bank, a prestigious institution. We are true believers of NFC and we are sure it will play a huge role in the payments space for many years to come," said Chibuzo Ene, the EDGE financial systems co-founder.