Paystack has developed an offline payment solution that eliminates the need for Point of Sale (PoS) machines.

Paystack is taking an unorthodox entry into offline payments with a new product called Virtual Terminal.

Point-of-sale (PoS) terminals have been the known alternative to cash when making in-store payments. Paystack’s solution eliminates the need to purchase the PoS machine but still makes confirming payments transfers fast.

Per TechCabal, the African fintech company believes the new product will cut the time it takes to confirm payments and ensure a seamless checkout experience.

How does Paystack’s Virtual Terminal work?

According to Paystack’s website, stores can generate individual account numbers for each store attendant to confirm customers’ bank transfers without the store managers.

These Virtual Terminal account number gives the store attendant limited access to the store’s account. Paystack created this solution in partnership with Titan Trust Bank which cut the latency of bank transfers to less than eight seconds.

Interestingly, Paystack also has physical PoS machines which it launched in November 2022.

However, Mohini Ufeli, a Paystack spokesperson, told TechCabal that customers are adopting bank transfers because of the ease and control it brings to payments.

While Ufeli believes customers could prefer making payments through bank transfer to using PoS terminals, the rise in the number of PoS agents in the country paints a different picture.