Santim Pay announced the launch of an mPOS system in partnership with Berhan Bank. This was announced at a press conference held on June 08. The partnership will allow running an mPOS(mobile-point-of-sale), loyalty, wallet, and fuel payment systems.
Santim Pay is a payment solution provider that enables users to make in-store and online payments using their existing bank details. In a private placement round, Santim pay raised 160M ETB. The paid capital makes up 25 percent (40M ETB) of the total raised capital, while the remaining 75 percent (120M ETB) is subscribed capital.
Berhan Bank will provide switching and merchant acquisition support to the new system. At the press conference, the President of Berhan Bank confirmed the system has been tested by the relevant office before it could be implemented.
According to a press release Santim Pay shared with Shega, the new mPOS system enables any smartphone or tablet to serve as a cash register. The POS machine connects to smartphones via Bluetooth or a cable to read debit cards and process transactions.
Via Santim Pay mPOS machines, merchants can receive payments digitally via debit cards. The system supports payments that amounting to 150,000 ETB. Besides receiving payments, merchants can use Santim Pay mPOS devices to make tax, utility, internet, traffic, DSTV, and airline payments for users.
According to Abenezer, the machines will be distributed free of charge to merchants by partner banks and Santim Pay.
The system enables users to make payments at any business outlet where Santim Pay mPOS machines are available using their debit cards.
At the moment, Santim Pay machines are being piloted at Shoa Supermarket & Shuufare meter taxi. A virtual loyalty system has been deployed at all Shoa branches and will officially start operation in the second week of June. The Virtual loyalty system enables customers to hold virtual and physical “Scan & Pay’ gift cards.
Santim Pay has onboarded 32 business outlets and will start distributing its mPOS devices in the coming few months.
With this development, Santim Pay joins ArifPay another Fintech company that recently announced its initiative to launch an mPOS system.