carried out using smart cards (near field communication ‘NFC’ solution) and mobile wallets.
T-PESA smart card, will be a prepaid card with contactless payment process, also known as "tap and go" or "wave and pay". The method will allow a person to pay for everyday items, by holding a transaction smartcard close to an acquiring device which uses RFID technology. The transaction is normally completed real time with no need to sign or key a number into a keypad.
Speaking during the signing ceremony, The T-PESA head of the company Moses Alphonce said that, this partnership will enable the deployment of the largest payments eco-system in Tanzania to encompass modern customer to business, business to customer and business to business service platform.
The system is envisioned to be arguably the most scalable payment and settlement framework which will position T-PESA as a leading payments solution provider. It is within our vision to provide an eco-system which will onboard financial system service for both government and non-governmental sectors.
The South Korean consortium companies will supply prepaid cards (T-CARD), Point of Sale terminals (POS) with EFD component and interoperability systems mapped to various sources of funds. The broader objective is to pursue national cashless payments agenda in which T-PESA system will be a key driver in ensuring that over 50 per cent of our transactions will be digitized in T-PESA cashless platform by 2023. The targeted sectors for quick deployment of T-PESA cards payment will be Transport, Retail and Bulk Merchant purchases as well as public services payments.
Moses further added, This will be T-PESA’s flagship platform which will combine versatile payment methods and superior systems engineering drawn and bench-marked against the world’s best payments infrastructure.
On his part, the consortium chairman MoonKyu Lee said express his gratitude to TTCL for the well-arranged programme that has facilitated the signing ceremony. “It has been a long negotiation with TTCL, however with efforts and commitment from both TTCL, PayLink and its consortiums, we mark the date to celebrate a new milestone for Tanzania and TTCL”.
With the T-Pesa cashless transaction platform, we believe all transactions will be transparent, increase the revenue and lead Tanzania to a digital transaction era. Lastly, I want to thank TTCL director general Waziri Kindamba, TTCL board, and T-Pesa board. Now let’s get started. Hapa kazi tu, said Lee.