South African lender Nedbank is testing a new mobile payments app to better connect retailers to customers using in-store beacons.
The new mobile app, dubbed Accolades, is being tested in-house, with real-world applications expected to be tested at a later stage, reports Business Tech.
The app would allow a seamless, card-based payment in store, while addressing security concerns. It would also enable loyalty and rewards programmes, and other social features.
The app would offer the product list or menu of the participating store, allow customers select the product and quantity and check it in their mobile shopping cart therefore, cutting down waiting lines.
On the other hand, it would benefit merchants by offering them access to the resulting analytics.
Nedbank head of emerging payments Chris Wood said, "By participating in projects like this, it’s an opportunity to be agile in understanding more about how the technology works and how customers are going to engage with it."