Nakumatt expands cashless transactions with Mastercard deal
A Nakumatt branch in Kigali, Rwanda. Nakumatt Holdings is seeking a share of the growing cashless transactions market in a new deal signed Wednesday with Mastercard. Photo/FILE
Chain store Nakumatt Holdings is seeking a share of the growing cashless transactions market in a new deal signedWednesday with Mastercard.
Existing customers with Nakumatt loyalty cards will now have their cards replaced with MasterCard prepaid cards which they will load money for payments at any point of sale terminal that accepts Mastercards.
This deal will see Nakumatt earn commissions for every transaction done using the card anywhere helping to boost the revenues of the supermarket.
“The Nakumatt Global MasterCard Prepaid card will initially be launched to our customers in Kenya, but we hope to offer the benefits of cashless transactions to our customers in Uganda, Tanzania and Rwanda, next year,” said Nakumatt managing director Atul Shah.
The card will be both a loyalty card and payment card where customers will load the money at Nakumatt outlets. MasterCard is also working with KCB and Diamond Trust to enable the two banks become alternative points for customers to load the card with funds in the coming days.
The value and number of transactions at the point-of-sale machines jumped to Sh46.99 billion from Sh25.88 billion and 3.8 million from three million respectively in the six months to June 2012 compared to the same period last year, central bank data shows.
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