The next step in fintech might be in your hands (or pocket)

As the local financial technology market matures, SA’s small business owners can look forward to accessible payment technology for anyone with a smartphone.

Local fintech frontrunner, iKhokha has launched its entry into the tap-on-phone market. iK Tap on Phone will see small business owners accepting payments for their products or services using their Android smartphones.

The product merges iKhokha’s trademark low transaction rates with ease of use for local entrepreneurs and was developed locally. This means it’s based on the pain points and aspirations of local businesspeople.

The move comes amid a period of economic turmoil in South Africa, and a need for innovation to stimulate small business growth. From ballooning fuel prices to record unemployment rates, products like iK Tap on Phone lower the barrier to entry into the informal economy for citizens looking to take initiative.

The offer allows business owners and side-hustlers alike to take card payments without the upfront costs of buying a card machine. In the long run, this may lead to the democratisation of small businesses, with more people emboldened to start a business.

More established businesses such as retail stores and restaurants can also benefit from tap-on-phone technology. Portability, especially for deliveries, is one key element of the tap-on-phone experience.

An added plus is that it can also be used as an additional payment portal to make queues move faster, or a power outage strikes.

Another encouraging factor involves current trends around smartphone usage. Tap-on-phone technology will give ordinary people the chance to turn their smartphone usage into something positive that can develop the economy.

iK Tap on Phone allows South Africa’s business owners to process Tap & Go card payments on their smartphones with only a tap of any activated NFC-enabled device.

This nifty feature on the free iKhokha app could help small businesses and aspiring solopreneurs increase revenues and profit margins.

If you’re looking to stay ahead of the competition and surprise your customers with something new, you can try iK Tap on Phone on the free iKhokha app.

Learn more on www.ikhokha.co.za.