Santim Pay, a local fintech company, joins the digital finance industry having three products including smart mPOS machines to accelerate digital payment system.
According to Tinsae Desalegn, CEO of Santim Pay, the company has launched mPOS, Unified Payment Interface (UPI), and Payment Gateway systems.
“Our company is tirelessly working to create a cashless and digitalized society as well as in modernizing the retail payment system through interoperability between different banks and mobile money platforms,” the CEO elaborated.
From the system, merchants are now able to receive payments digitally via debit cards with support payments amounting up 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.
“Our 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” said the CEO, adding, “Our mPOS solutions are among the most affordable POS systems that will be available in the market, yet they still include all the functionality that is required to run and expand a business. This would prevent the huge amount of foreign currency spent on acquiring machines every year from abroad and allows the government to use the scarce foreign reserve on other high-priority goods.”
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.
“We have established interoperability between all banking tools, including mobile, wallet, and accounts, resulting in an Omni channel way of transaction between customers and businesses,” the CEO stated.
So far the company is connected with six banks and tele birr to accelerate the digital payment.