Sometimes a crisis, such as the Covid-19 pandemic that is currently making its way across the planet, is what sets us on a path to greater advancements. A great example would be the recent shift into the contactless biometric payment solutions market by CompuLynx, a Nairobi-based software developer.
We recently saw Cytonn Investments launch Cytonn Wallet, a one-stop digital wallet that enables consumers to make cashless payments as well as Invest and withdraw Instantly, through its subsidiary Cytonn Fintech.
Sailesh Savani, Chief executive at CumpuLynx said that the move was necessitated by the pandemic. They developed secure contactless payment solutions to contribute to efforts to reduce the use of cash, which is a potential transmission medium for the virus.
In this pandemic world, people are looking for solutions to the risk posed by cash from institutions. According to Mr. Savani, these could take the form of digital account opening, card issuance, and contactless payments.
The company, present in 37 countries and with hundreds of corporates, urged lenders and others consuming its services, has helped them transition into contactless technology to cut down on the risk of contracting the virus.
Mr. Savani said that maintenance costs would be significantly lower with the adoption of local solutions as technicians can be locally sourced at any time for physical visits or even through virtual interactions for arising issues.
Some products of this contactless system products include virtual branches that enable clients to open accounts from the comfort of home, facial, and voice technologies, in addition to identity experts whose role is to test the authenticity of a document.
Global payments technology giant, MasterCard, increased the limit to its contactless payments from Sh2500 to Sh3500 last month. The move has enabled bank cardholders to make payments by simply swiping their cards at participating shops
Kevin Namunwa - 7 months ago
Kevin Namunwa - 8 months ago
Citizen Digital - 4 weeks ago
Digital Team - 1 month ago