iK tap-on phone machine by iKhokha.
Local digital bank TymeBank has migrated its tap-on-phone customer base to the iKhokha tap-on-phone platform.
The move will give TymeBank business banking customers access to iKhokha's suite of business tools, including cash advance products, sales reports, business insights and online payment acceptance solutions, according to a statement.
Known for its card machines and mobile POS devices, iKhokha has recently expanded its app-based product offering to offer multiple payment methods across online and physical commerce.
The ability for small businesses to accept payments on their smartphones has been a boon for businesses of all sizes. Although tap-on-phone technology is still in its infancy, it has the potential to play an important transformative role in driving financial inclusion across Africa, TimeBank said.
“We believe that providing access to innovative solutions that enable South African businesses to truly realize their potential is an important contribution to the broader economy. iKhokha’s credentials speak for themselves,” said Greg Ilgner, Chief Strategy Officer at TimeBank.
“Merchant feedback to date has been positive, with many merchants who have completed the migration receiving additional payment acceptance features such as payment gateways for e-commerce, QR codes, PayLink functionality, invoice tools, and business management dashboards. They report being satisfied with the options. Daily sales analysis is also available.”
The iK tap-on-phone service is currently available to all TymeBank commercial customers and utilizes business owners' smartphones to accept payments from clients. There are no trading restrictions and setup is easy.
iKhokha said it has experienced rapid growth in the local fintech space since the startup was launched in 2012 by co-founders Matt Putman, Ramsay Daly and Clive Putman.
The partnership comes weeks after TimeBank announced it had achieved its first month of profitability in December 2023.
The company commented that the partnership with TymeBank and other South African financial institutions further strengthens iKhokha's position to positively impact the lives of SA's entrepreneurs and small business owners.
“Our SME sector has been very resilient despite the challenging trading environment and we are looking to expand our SME-focused financial services platform to expose more local SMEs to the digital economy. By investing, we will continue to help entrepreneurs and small businesses believe in better business,” he said. iKhokha CEO Matt Putman.