Nigeria’s multinational fintech company, Kuda, has introduced a new feature to its Kuda Business mobile app: a Kuda Bank SoftPoS (Software Point of Sale), enabling users to accept card payments from their mobile devices.
The Kuda Bank SoftPoS (Software Point of Sale) allows kuda users to accept EMV contactless cards with their regular mobile devices. This converts smartphones and tablets into secure, convenient payment terminals (Pos machines). Payments can be used using physical or virtual cards.
Android devices with NFC modules running on version 8.0 or higher can support this feature.
Kuda bank also added other new features to its business mobile apps such as Kuda Payroll, Sales Mode and business registration.
In another update, Kuda bank is discontinuing the free monthly interbank transfers for Kuda Business accounts effective from March 17, 2023.
Consequently, Kuda business accounts will now incur a ₦10 charge on every interbank fund transfer. However, Kuda personal accounts will continue to enjoy the 25 free monthly interbank funds transfer.
Recall that in 2019, Kuda introduced 25 free monthly interbank funds transfers, each of which cost an additional ₦52.50 (11 cents), which enabled customers to save about ₦15,000 (32.6USD) annually.
Three years later (2022), Kuda announced it would start charging ₦50 stamp duty on all deposits above ₦10,000.
How to use Kuda Bank SoftPos on a Mobile phone
To use Kuda bank SoftPos on a mobile phone follow the steps below:
Step 1. Sign in to your Kuda Business mobile app, then click Sell.
Step 2. Enter the amount you want to receive from your customer.
Step 3. Click Charge.
Step 4. Click Pay with Card.
Step 5. Select the type of bank account linked to your customer’s card, then click Proceed.
Step 6. Ask your customer to tap their card against your phone or tablet.
Step 7. Ask your customer to type in their card PIN.
Step 8. Click Send Receipt or Skip and you are done.