Mastercard has launched a new low-cost payments solution that enables small business owners move their businesses online and accept a range of digital payments from their customers.
The “SME-in-a-Box” solution is powered by Mastercard’s payment technologies and that of its StartPath fintech partners, including onboarding technology provider Signzy and Mastercard’s network of Tap on Phone partners. It is also powered in Nigeria by leading fintech, Innovectives.
A recent statement on its official website explains that “the solution will aid small and micro merchants across the country in expanding their customer base via digital platforms and enable sustainable revenue growth.
“The unique offering enables business owners to access a wide range of financial services quickly and easily through a single intuitive app compatible with all Android mobile devices. The app’s functionality supports contactless payments, Quick Response (QR) code payments, and can generate e-payment links for remote payments.
“The platform can be leveraged by partners including banks, Payment Service Providers and Mobile Network Operators through application programming interfaces (APIs) or a white label app to rapidly take the solution to market.
“SME-in-a-Box offers a low-cost acceptance service that can run on smart phones and is powered by Mastercard Payment Gateway Services. It also delivers speed and simplicity with remote digital onboarding services from Mastercard’s StartPath partners.
“In addition, through its Simplify Commerce offering, Mastercard will enable SMEs with a plug-&-play e-commerce store builder with an instant online checkout. SMEs can access a virtual card and get access to business tools through Mastercard’s partner ZOHO as well as get access to educational tools. These capabilities have been packaged as a bundled solution combined with special incentives to drive adoption and support business owners to tackle challenges during COVID-19.”
According to the Senior Vice President, Product Management, Digital Payments & Labs, Middle East and Africa – Mastercard, Gaurang Shah, “The SME market represents 90 per cent of businesses in Nigeria, and has been deeply impacted by the pandemic. We recognize the overwhelming pressure that small business owners are currently facing and are committed to supporting them through COVID-19 and beyond by bringing our tools at a low cost and rapid time to market.