Local digital bank TymeBank has migrated its tap-on-phone customer base to the iKhokha tap-on-phone platform.
According to a statement, the move will enable TymeBank’s business banking customers to have access to iKhokha’s suite of business tools, including cash advance products, sales reports, business insights and online payment acceptance solutions.
Known for its card machines and mobile point-of-sale devices, iKhokha recently expanded its app-based product offering to provide multiple payment methods across online and physical commerce.
The ability for small businesses to accept payments on a smartphone has been a boon for companies of all sizes. Tap-on-phone technology, although in its early days, has the potential to play a key transformative role in driving financial inclusion throughout Africa, says TymeBank.
“We believe providing access to innovative solutions for South African businesses to truly fulfil their potential is a key contributor to the broader economy. To that end, iKhokha’s credentials speak for themselves,” says Greg Illgner, chief strategy officer at TymeBank.
“Feedback from merchants thus far has been positive, with many who have completed the migration reporting their satisfaction with the additional payment acceptance options, including a payment gateway for e-commerce, QR code and PayLink functionality, an invoice tool and a business management dashboard with daily sales analytics.”
The iK tap-on-phone service, which is now available to all TymeBank commercial customers, makes use of business owners’ smartphones to accept payments from clients, with no transactional limits and a quick setup.
iKhokha says it has witnessed rapid growth in the local fintech space since the start-up was launched in 2012 by co-founders Matt Putman, Ramsay Daly and Clive Putman.
The partnership comes a few weeks after TymeBank announced that December 2023 saw its first month of profitability.
The collaboration with TymeBank and other South African financial institutions further strengthens iKhokha’s position to positively impact the lives of entrepreneurs and small business owners in SA, comments the company.
“Our small business sector is massively resilient despite a tough trading environment, and we will continue to help entrepreneurs and SMEs to believe in better business by investing in our SME-focused financial services platform to expose more local SMEs to the digital economy,” says iKhokha CEO Matt Putman.
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