Chinese smart card producer to roll out digital platforms in East Africa
Chinese smart card manufacturer XH Smart Tech (China) Co., Ltd. said on Monday that it plans to roll out its innovative financial digital platforms in East Africa.
A smart card. [File Photo: IC]
Jack Chen, managing director of XH Smart Tech said in a statement released in Nairobi that it will partner with technology firm Compulynx to deploy its payment technologies for instant card issuance, EMV cards and QR code enabled payment systems in the region.
"The collaboration will offer African banks, insurance and micro-finance companies an opportunity to leap-frog the most advanced payment technologies utilizing existing infrastructure without the transitional phases and accompanied costs," Chen said.
He said that QR code enabled payments technology comes with several benefits for the customers, banks and merchants.
"The level of security for such QR transactions is much higher than mobile payments as the QR codes run on a payment card industry compliant environment," he revealed.
The Chinese firm said its new technologies will enable East Africa's financial service providers to be able to access secure digital solutions and card solutions that will reduce transaction costs and time to market, provide better protection of customers' data, increase financial inclusion and generate more revenue for banks.