By: Theresa Moses
In an era of rapid technological advancement, Guaranty Trust Company (GTCO) stands at the forefront of innovation in the financial services sector.
Undoubtedly, the latest groundbreaking innovation by the institution was revealed at the GTCO Food and Drink Festival 2024: the state-of-the-art fingerprint technology of the of the Cardless Point of Sale (POS) system that stole the show.
This groundbreaking solution caught festival attendees’ attention and sparked conversations across diverse industries, proving as it did that GTCO was committed to changing the payment landscape.
There is no better introduction than the cardless POS and fingerprint experience of GTCO, which is coming in the wake of a rapidly growing payment solution.
GTCO’s introduction of the cardless POS and fingerprint experience heralds a redefined payment experience that is not only seamless a process but also prioritises security, efficiency, and convenience.
At the event, GATMASH NEWS had the opportunity to interact with attendees, journalists, and vendors who had experienced GTCO’s cardless POS and fingerprint authentication technology at the venue. Some people also gave responses to the speed and ease of conducting transactions; some talked about the extra security and convenience due to the fingerprint authentication feature.
Mrs. Olanrewaju Titilayo, an attendee, was jubilant about the experience: “I was sceptical at first, but fingerprint payment was so easy and efficient. I didn’t have to worry about carrying cash or a card, and transactions were lightning fast.”
It, therefore, means that, with the integration of the fingerprint, transactions are secured and fast. “It’s like having your own personal vault at your fingertips,” said Mr. Agbo Joseph, a GTCO customer who tested the system. “Knowing that my transactions are protected gives me peace of mind.”
But, of course, it wasn’t just for convenience. “I loved the futuristic feel of using my fingerprint to pay,” says attendee David Edewor. “It felt like I was in a sci-fi movie!”
We also had the opportunity to interact with some of the vendors who used the cardless POS during the festival. “The system has been a game-changer for us,” says the owner of a food stall, Ms. Tolani Ajaiye. “We had no worries about handling cash or cards for transactions, and the transactions were so speedy. It was such a relief.
Another vendor, Toluwase Akanbi, also extolled the system. “It’s been a lifesaver! We’ve had so many customers compliment us on the ease of payment. It has increased our sales and reduced time wastage significantly.”
Abiola Benson is one self-confessed foodie who was overly eager to try out the new technology. “I have always been one for trying new foods, but the process of payment can be cumbersome. With GTCO’s Cardless POS, I could enjoy my meals without logistic worries.”
But perhaps the greatest revolution that comes with the innovation in accessibility that GTCO has brought to the table is the opening up of possibilities for very many who were so far shut out of access to traditional banking due to the absence of a physical card.
“It’s all about inclusion,” a finance firm analyst who preferred not to be named said. “With this technology, GTCO is breaking down barriers and making financial services more accessible to all.”
It was gathered that the GTCO cardless POS system processed over 5,000 transactions during the three-day festival, with an average transaction time of just 10 seconds. This represents a significant reduction in time as traditional card transactions can take up to 30 seconds to process.
Also, the fingerprint authentication feature ensured that all transactions were secured and authorised; reducing the risk of fraud and identity theft.
In fact, GTCO reported a 0% fraud rate during the festival, reducing the threat of fraud and identity theft and demonstrating the effectiveness of their innovative security measures.
This incredible cardless POS transaction occurs through a technique that utilises thumbprint and requires only four easy steps:
1. The merchant selects ‘pay with fingerprint’ on the POS machine’s home screen.
2. The merchant enters the amount, and the customer enters an 11-digit phone number.
3. The customer selects either the right or left thumb and places it on the fingerprint reader.
4. Upon successful completion, the merchant provides the customer with a transaction receipt as confirmation.
As the festival was rounded off last month, it was clear that GTCO’s cardless POS had left a lasting impression. To say that the fingerprint payment experience was a highlight of the festival is not an understatement. As the buzz surrounding GTCO’s Cardless POS and Fingerprint Experience continues to grow, one thing is clear: the future of payments has arrived, and it’s as simple as a touch of your fingertip.
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