Touchless Payments Solution for SMEs by Mastercard
January 12, 2021
Mastercard has revealed a new low-cost payments solution that empowers entrepreneurs of small businesses to move their businesses on the web and acknowledge a range of digital payments from their clients.
Mastercard’s payment technology supports the “SME-in-a-Box” solution and that of its fintech partners, including payments and agency banking solutions company SmartPesa.
The small and micro-merchants across the region are expected to be helped by the solution to develop their customer base via digital platforms and allow sustainable revenue growth.
The solution allows entrepreneurs to access a wide range of financial services faster and easily through a single self-generated app matched with all Android mobile devices, according to MasterCard.
The app’s functionality supports contactless payments, QR code payments, and can generate e-payment links for remote remittances.
Gaurang Shah, Senior VP of Product Management, Digital Payments & Labs in MEA for Mastercard says that Coronavirus brings a big impact to the SME market representing 98% of businesses in South Africa. Mastercard understands the intense pressure that small business owners are currently facing. Hence, Mastercard is committed to helping small business owners through COVID-19 and beyond by bringing the tools at a low cost and rapid time to market.
“The SME in a Box offering presents a quick and simple way for SME owners to digitize their business and build a platform for sustained future growth,” he added.
Mastercard has likewise pledged $250 million in monetary, innovation, item, and insights support throughout the following five years to independent companies over the globe as part of its reaction to the global pandemic.