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Telkom, one of South Africa’s main telecommunications providers, partnered with EFT Corporation’s Banking-as-a-Service platform to launch Telkom Pay to create a digital-first wallet solution to focus on digital inclusion especially for underserved consumers and small businesses.

Challenge

Telkom’s challenges:

Limited access to banking infrastructure for many of its users.
Complex technical and compliance barriers to wallet deployment.
Lack of a cost-effective point of sales solution for small merchants.

Solution

The solution Telkom Pay, enabled by EFT Corporation.

Provided a BaaS platform to deliver a frictionless digital payments experience for consumers and merchants. With our BaaS Technology, Nedbank now delivers:

Fast, digital KYB onboarding
Customer and merchant wallets are used to allow them to send, receive, and manage funds securely on their phones.
Issuing of virtual cards that can be linked to user wallets for online payments
Tap on Phone (SoftPOS) to transform NFC-enabled smartphones into payment terminals with no extra hardware required.
A built-in value-added services (VAS) such as airtime top-ups, data bundles and bill payments.

With Telkom Pay, Telkom is empowering customers and merchants alike with the tools they need to thrive in a digital economy, and EFT Corporation is proud to be powering the experience.