BIG STORY
Digital Transformation Series
Chinese phone maker, Tecno says the first phase of its new payment service, Tecno Wallet, will be available to users of its smartphones in Nigeria.
The Tecno Wallet, according to the Chinese firm, will allow users to make easy and secure payments for a range of services, including money transfers, airtime, data, bills, and shopping.
“Through strategic partnerships with third-party financial institutions,” Tecno says that it is making a foray into the payment services sector with the launch of the Tecno Wallet, “a payment wallet and finance app built for its devices and integrated into the CAMON 19 series of phones.”
Danni Xu, Tecno Global CMO says, “as the consumers around the world transition from cash transactions to digital payments, Tecno Wallet will be a trusted tool that empowers every Tecno user to enjoy the ultimate convenience and make easy, fast and reliable payments.”
The pilot launch of Tecno started in May in Nigeria and is due to roll out to Kenya in the middle of June, the phone maker says, adding that future launches will include Ghana, Tanzania, Uganda, Code d’Ivoire and Senegal by the second half of 2022.
According to a 2022 global study conducted by VISA, over 40% of consumers have already embraced cashless transactions or will only use digital payments within the next two years. Additionally, 59% of small business owners say they plan to exclusively accept digital payments within the same timeframe.
Tecno Wallet will be available for download on selected existing device series and will come pre-installed on new Tecno smartphones, including the upcoming Camon 19 series set to be unveiled in June 2022.
In the near future, Tecno Wallet will also offer cashback and promotional rewards, along with discounts and deals with participating merchants and retailers, the tech firm says.
Key Features of Tecno Wallet
- A smarter way to pay – Tecno Wallet lets every Tecno smartphone user to pay for anything, anywhere, conveniently and securely. The Wallet introduces a new integrated digital payment experience that makes the process of paying for data, airtime, bills and shopping fast and reliable.
- Digital finance re-imagined – Tecno Wallet is the effortless way to go cashless. Consumers can use the Wallet to handle their everyday transactions, such as paying for airtime and groceries at the tap of a button, as well as access innovative financial services, all on one app.
- All your money in one place – The Wallet helps consumers manage their finances in one place by connecting their existing cards and bank accounts to the app. Compatible major card schemes and financial institutions in the continent.
- Instant Credit – Tecno Wallet integrates a revolutionary digital Instant Credit service that enables its users to access a credit line in seconds and enjoy an interest-free period of up to 16 days powered by licensed financial institutions. Traditional requirements such as paperwork, guarantors or fees are removed in favour of a data science-based approach that will empower customers to quickly access credit and grow their limit based on their payment behaviour.
The Chinese phone maker says its Tecno brand of smartphones, which “enjoys a leading market share on the African continent” is launching new devices to drive its expansion to a global audience and new premium segments.
The brand says it is announcing several big product breakthroughs on its upcoming CAMON 19 series. The company, which recently won an iF 2022 Design Award for its outstanding product innovations including an ultra-slim bezel as well as its fantastic dual-ring triple-camera layout, revealed that it is among the first to make Android 13 beta available on its latest Camon 19 Pro 5G.
The new series of devices will include original technology such as a RGBW camera sensor + glass, which has been co-developed with Samsung, as well as a cutting-edge dual-ring triple-camera layout. Tecno says.
