- The cashless platform facilitates real-time cross-border transactions.
Integrated payment solutions provider CompuLnyx has partnered with China’s XH Smart Technology to launch a cashless platform facilitating real-time cross-border transactions.
CompuLynx, with operations across East Africa and the United Arab Emirates serving 400 companies in 36 countries, will become XH Smart Tech’s local partner enabling Kenyans to conduct business with China-based peers.
The payments will be made on secure online platforms that provide QR Code-based receipts.
Participating traders will also benefit from issuance of an EMV payments card, enabling them to pay for goods by swiping the same special EMV readers, thereby instructing individual banks to release payments.
Speaking during the launch in Nairobi, CompLynx boss Sailesh Savani said the partnership will enable Kenyan-based companies to integrate their pay platforms with new platform enabling them to enjoy bank-to-bank linkages where payments for goods exported to China will be paid directly to their bank accounts.
“Banks now complement their digital security with QR code-enabled payments and our partnership with a fast-growing company such as XH Smart will drive commercialisation of QR code-enabled payments and EMV cards in the two markets,” he said.
XH Smart managing director Jack Chen said the partnership provide end-to-end solutions for Kenya and China traders, enabling them to do business on a platform that is locally available on a language each understands.
“Having local presence offers face-to-face guidance and continued support to the Kenyan banks that is vital for business to thrive,” he said, adding the platform can be used by many cardholders.