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South African Payment Ring Maker VezoPay Partners with Nedbank
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VezoPay Partners with Nedbank: VezoPay, an innovative South African company, has “onboarded” its first banking partner, Nedbank, and plans to add other financial institutions soon.
The company recently generated smart rings for tap-and-go payments in the local market, with prices starting from R2 100.
VezoPay Partners with Nedbank
The initiative ensures users no longer have to carry a bank card or even their phone to conduct transactions at the point of sale. It’s a unique and interesting innovation.
VezoPay’s innovations, which include the payment rings, are designed to be low maintenance. With it, users can make payments simply by placing their hands near a payment terminal. It also helps that the rings are shockproof, dustproof, and waterproof, and never need to be charged.
For a broader roll-out, VezoPay partnered with an organization known as Fidesmoto to facilitate the preliminary onboarding course with Nedbank.
VezoPay to Onboard Other Institutions For A Broader Reach
Jake Pinkus, Co-CEO of VezoPay said in an interview with TechCentral, “The onboarding process involved working closely with Mastercard for testing and tokenization to ensure everything functions smoothly.”
“Although we are not privy to eve”ry detail, we know that a series of tests and security measures were implemented to protect user data and transactions.”
He further emphasized that the company was in the process of onboarding other institutions.
“As we onboard each bank, customers will be able to select their bank on our website. If their bank is not yet onboarded, they can reserve the ring without any upfront costs. Once their bank is live, they can proceed with the purchase.”
Security Challenges As VezoPay Partners With Nedbank
The initiative evokes security concerns in users, who believe the ring could be hacked if lost.
Also Read: Zone Introduces Decentralized Payment Gateway to Combat Failures and Fraud
However, VezoPay said the ring’s security features include advanced tokenization and chip-and-pin technology, which makes it as secure as traditional bank cards.
This means if the ring is lost or stolen, users can immediately disable it via their app, adding an extra layer of security.
The company also assured its users and potential users that it would introduce additional security features including biometric authentication.
