Absa, one of South Africa’s largest banks has partnered with Altron FinTech to provide advanced smart point-of-sale (POS) terminals to help merchants streamline and grow their businesses in South Africa. The collaboration between Absa and Altron FinTech marks a new era in payment technology for SMEs. The introduction of modern payment terminals has revolutionized how retailers and consumers transact. The latest evolution of these terminals, featuring smartphone-like capabilities, has greatly enhanced functionality, allowing merchants to manage multiple business processes from a single device.

Features of the New POS Terminals

These new smart POS terminals offer a range of features that simplify operations for merchants:

  • Multi-functionality: The terminals can record sales, process payments, manage loyalty programs, check inventory, and validate tickets, vouchers, and coupons.
  • Multiple Payment Methods: They accept digital wallets, super-apps, QR codes, and account-to-account bank transfers, ensuring merchants stay current with evolving payment technologies.
  • Integration and Customization: Android-based, these terminals can integrate various software applications, eliminating the need for separate devices like cash registers or barcode scanners.

Strategic Partnership and Deployment

Altron FinTech has secured a five-year contract to supply Absa with PAX Android POS payment terminals. PAX, a global leader in payment solutions, has delivered over 79 million terminals in 120 countries. This partnership leverages Altron FinTech's deep understanding of Absa’s needs, honed over three decades of collaboration.

Enhanced Capabilities and Benefits

The PAX A920 MAX terminal offers merchants substantial additional capabilities and value:

  • Ease of Setup: Easier to set up than legacy terminals, providing a frictionless user experience.
  • Remote Management: Strong remote management and real-time monitoring reduce the need for in-person support.
  • Security: Advanced security features, including embedded point-to-point encryption and multi-layered protection, mitigate fraud risks.

Commitment to Innovation

Vish Chetty, Executive for Payments Acceptance at Absa Relationship Banking, emphasized the bank's dedication to innovation: “As the 'Bank of the Entrepreneur,' we are committed to enabling efficient and secure payments through smart POS terminals. This partnership with Altron FinTech enhances our ability to deliver a seamless customer experience.”

Supporting Merchant Growth

Johan Gellatly, Managing Director of Altron FinTech, highlighted the transformative potential of the new terminals: “For the first time, merchants have a smart POS terminal that meets their unique needs. The ability to integrate multiple software applications on a single device reduces costs and enhances efficiency, ultimately boosting in-store sales and improving customer experiences.”

Addressing Fraud Challenges

Charl Janse Van Rensburg, Head of Integrated Transaction Solutions at Altron FinTech, pointed out the robust security measures of the new terminals: “The Android SmartPOS terminals feature advanced security technologies to prevent and detect malicious activity, ensuring payment processing and sensitive customer data are well-protected."