Contactless network provider accells has announced a partnership with mobile financial service provider Fundamo to bring NFC retail payment and other point of sales services to emerging markets.
The partners say they will leverage Fundamo’s 50 existing mobile financial service deployments across more than 40 countries worldwide for the NFC rollout, including 27 countries in Africa and the Middle East. Fundamo currently has the potential to reach a user base of more than 180 million consumers, says the company.
The solution is based on using NFC tags that turn any mobile phone into a contactless payment device, allowing customers tap and pay at any retail location equipped with accells’ POS terminals or terminal add-ons.
The solution also allows merchants to implement their own loyalty programs and add other 3rd party services, says accells.
The partners are targeting “latent demand” areas where fees are already paid for mobile financial services, NFC devices are readily available, and where there is an existing mobile financial service infrastructure.
Hannes van Rensburg, CEO of Fundamo, comments: “The NFC industry has been entirely focused on the growth of NFC in developed markets despite adoption being years away. What about emerging markets, the cradle of mobile financial services? NFC represents a natural evolution in developing markets with fewer barriers to adoption and an immediate opportunity.
The reality is that NFC take up in emerging markets will be rapid and market players need to be prepared for accelerated uptake. It is more than likely that emerging markets will leapfrog developed once again.”
Fundamo and accells will showcase their service, including a new NFC payment terminal, at Mobile World Congress this week in Barcelona.