KUDA BANK ENDS FREE TRANSFER LAUNCH SoftPOS

The classic 25 Naira monthly charge introduced by Kuda Bank is coming to an end.

• New features to turn customer's phones into PoS devices launched
• Contactless cards set to make smartphones terminal-like. 

Kuda Bank, the iconic online banking services provider in Nigeria, has set March 17th as the end of free transfer charges on its popular app.

When the fintech company began in 2019, it rose to fame as Nigeria's first totally digital bank. Its free transfer fees after the first 25 Naira incurred each month helped it draw in a lot of consumers.

But that is coming to an end.

What is the SoftPOS innovation?

The softPOS is designed to enable smartphone users to accept payment by making their phones serve as POS terminals. 

This capability is already included in Kuda's Business mobile app and is compatible with both plastic and virtual cards. It operates on all recent versions of Android, starting with version 8.0.

The company says the new feature to be added is the N10 flat rate transfer fee which is still relatively low compared to charges on bank apps,

How to Use the Kuda SoftPOS

To use this feature, log on to the kuda business mobile app and tap Sell

This takes you to a new page where you will input the amount you want to receive after which you tap on charge then pay with card,

The next option is to select either the customer's account type is savings or current

Ask customers to tap their cards against your phone and input their card pin. 

and the payment is done.

Note that this feature only works in sales mode on the mobile business app.

You can switch to sales mode after tapping Sell, and on the upper right corner of the menu, select sales mode.

Other features include payment with QR codes and USSD payments

This is set to revolutionize payment for goods and services in Nigeria amidst the cash scarcity and poor services from bank apps. It will be a huge alternative payment system for traders and retailers searching for reliable payment solutions during this period.