MasterCard eyes 100,000 SMEs with swipe-only payment platform
MasterCard sub-Saharan Africa divisional president Daniel Monehin. PHOTO | SALATON NJAU
Competition in cashless payment services market is expected to intensify starting this month when financial services company MasterCard rolls out its plan to grant 100,000 small businesses access to its Masterpass QR platform.
The Masterpass QR enables users to transact business at any store by swiping their cards or smartphones on the merchant’s devices facilitating a seamless and secure transfer of cash for payment of goods and services.
MasterCard’s sub-Saharan Africa division president and head of Financial Inclusion for International Markets Daniel Monehin, said the service will be introduced through various financial institutions and other partners.
The Masterpass QR can connect small businesspeople directly to their banks where all transactions, once executed, will be reflected and the purchaser and merchant receive text messages confirming settlement.
This eliminates the need for small businesses to handle cash only-based transactions and at the same time allows them to handle even larger payments without worrying about physical transmission of the same to their respective banks.
Last week, the Kenya Bankers Association launched its mobile banking platform enabling customers within seven banks to transact on a cashless bank-to-bank platform akin to mobile phone-based platforms where phones are used to securely transfer funds or settle payments.
“Kenya is leading the charge in financial inclusion, with the World Bank reporting that 75 per cent of Kenyans over 15 years and above have a bank account. The Masterpass QR has the potential to drive that number up further and more rapidly due to the penetration of mobile devices in the market,” Mr Monehin said.
The move comes hardly a month after Mastercard partnered with the government to issue Kenyans with a Masterpass card embedded with a microchip that can be used by those seeking services at Huduma centres to settle payments cashlessly by swiping their cards on QR Reader enabled mobile phone.
The Masterpass QR is synchronised to various mobile banking applications in Kenya enabling cardholders to conduct fast and secure payments.
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