Mastercard and Network International have collaborated to launch a new digital payment acceptance technology that enables mobile phones to act as payment terminals for 500,000 new merchants in African and Middle Eastern countries.
They said in a statement that the new payment solution would run on Network International’s Tap on Phone technology.
According that the statement, ‘Tap on Phone’ tech is powered by Mastercard Payment Gateway Services, which gives small and medium-sized businesses the ability to accept payments through a smartphone.
The firms said, “Customers will simply tap their card or device to make the payment on the SME merchant’s phone, with each transaction processed through MPGS.
“In an omnichannel environment where consumers increasingly want more choice to pay the way they want to, Tap on Phone is an innovative, affordable, convenient, and welcome addition to the payment ecosystem.”
The Senior Vice President, Head of Products, EEMEA, Mastercard, Gaurang Shah, said, “Small businesses are crucial for systemic economic recovery, and by connecting more SMEs to digital commerce tools and affordable payment acceptance solutions, we are putting in place a strong foundation that can facilitate sustainable growth.
“Mastercard is dedicated to empowering every business with the technology and solutions they need to thrive.”
According to the statement, SMEs are recognising the potential of digitalisation, and have identified digital payment acceptance as a top driver for growth.
It added that to ensure SMEs had all the support they needed to go digital and grow, they would work with the government, financial organisations, fintechs, and the wider business community to create opportunities for SMEs across the region.
The Group Managing Director, Acquiring, Network International, Andrew Key, said, “As a leading enabler of commerce, we remain committed to connecting SMEs, the backbone of any economy, with innovative solutions that will drive wider acceptance across the region.
“We are proud to partner with Mastercard to grow the opportunities for entrepreneurs through the launch of Tap on Phone.”