RaPay aims to reduce merchant settlement times associated with taking debit card payments, with the launch of its digital payment system.
The launch seeks to eradicate extensive waiting times that are brought on by point-of-sale (PoS) machines, which can take up to 36 hours to process debit and credit card payments.
This often leaves a retailer with periods of discrepancies between actual sales and financial revenue, which can cause problems for small businesses.
In its release RaPay mapped out how its payment system can be used: “Payments on the RaPay system can be completed entirely on a customer’s mobile phone simply by scanning the retailer’s unique QR code.
“The codes automatically link with your mobile banking app to direct funds to the correct retailer, simplifying the online payment process. In addition, all receipts are sent electronically via email, helping to reduce the environmental impact that current paper receipts contribute to.
The firm added: “QR codes can be displayed digitally or printed out and presented on any surface, making the system available even to informal vendors without electricity.
“RaPay can also operate using NFC chip communication by simply tapping a phone on an NFC-enabled device. This makes payments even quicker than the traditional chip-and-pin card payment method.
“Simply scan or tap, pay, and you’re away – receiving instant digital cash payments has never been easier.”
The release also underlines how problematic the spend of over £65 billion by UK cardholders could be when processed on dated terminals, specifically when it comes to chargebacks and banned credit cards.
Expert Analysis: It’s vital that terminals and transactions are immersed and embracing the very latest in technology and efficiency, not only will it increase consumer engagement but it will significantly reduce unnecessary costs.