iKhokha brings new payment solution to untapped market

iKhokha’s latest payment innovation, iK Tap on Phone, now makes it easier for anyone to accept secure card payments.

The Durban-based fintech was recently recognised at Mastercard’s EMEA Edge Conference in Dubai, scooping the award for Accelerating Digital Acceptance in Africa following the launch iK Tap on Phone

“As we’ve got closer to the entrepreneur and the SME customer, we’ve realised that there are multiple pain points that these business owners have. There are hard barriers to entry for different types of financial services and products that they need to start, manage and grow their business,” said iKhokha CEO Matt Putman.

It is an approach which is resonating with SMEs. In a few short months, iKhokha has already processed over R7 million through the iK Tap on Phone feature.

Housed within the free iKhokha app, iK Tap on Phone enables business owners to accept card payments with no upfront investment. Users can start making sales by tapping a customer’s card on their Android smartphone by simply downloading the app.

“It’s an easy entry into digital payments for traditionally cash-based businesses. Through iK Tap on Phone, we can help these businesses on their journey from cash transactions into a more secure digital ecosystem,” says Putman.

Security-wise, iK Tap on Phone is just as safe any card machine. Rigorously tested and PCI compliant, each iK Tap on Phone transaction is protected by 3D secure technology. Furthermore, the increasing ubiquity of smartphones in the payment environment may accelerate widespread adoption.

“Consumers are becoming more comfortable with the smartphone being part of the payments experience. Think of Apple and Samsung Pay. Tap on phone technology is the evolution of that experience where the merchant’s phone becomes the payment acceptance tool,” he says.

Certain sectors have already warmed to the payment solution with health and beauty, speciality food, markets, restaurants, and travel and tourism championing product adoption.

However, the real opportunity remains within the informal sector, enabling cash-based businesses to accept card payments without upfront hardware investments, bank applications and monthly rental fees.

“Our focus is always to drop the barrier to entry pain point for merchants to offer them affordable alternatives to accept card payments,” says Putman.

BusinessTech