I have written before on the soaring levels of cyber-crime, growing exponentially with the increase in digital payments. It is now estimated as a 5 trillion dollar industry. Security and certification is thus a non-negotiable. We are delighted that WIZZIT Digital’s Tap2Pay solution has been certified by Mastercard and Visa through UL Labs in Europe. A key differentiator and critical in the markets in which we currently operate, is the added security feature of the PIN. This certification is one of the few in the world that we know has been granted. We are exceptionally proud of this innovation and believe that even in our targeted developed markets, to offer a SoftPOS Tap2Pay solution without PIN will come with severe consequences for both merchants and on the security front. As recently as yesterday, news broke that a lobby is trying to increase the limit on contactless payments to £100 in the UK. It is hard to understand this line of thinking and if agreed to and accepted, it will certainly come with major fraud-related problems.
With a few exceptions, Android phones are by far the dominant market leader in smartphone penetration across the globe. The use of the mobile phone as the “acquiring device” does away with the need for expensive and difficult to maintain hardware – including add-ons and device plug-ins. The key here is that it opens up the market to the millions of SMME merchants who until now have been excluded from the digital payments world. WIZZIT Digital’s SoftPOS solution works on all android phones (version 6 and above) and again is certified to the highest bank and card security standards.
We are looking forward to working proactively with Mastercard and Visa in pursuing our dream of financial inclusion for all and see this certification as a massive step forward. Deals have already been signed with the biggest Pan African bank as well as leading banks and acquirers in Europe and the Middle East with further deals pending in Latin America and North Africa.