In a move aimed at addressing the challenges associated with online payment in Nigeria, Ecobank Group has partnered with Mastercard to unveil Ecobank Masterpass QR, a global digital payment service that will enable millions of micro, small and medium enterprises (MSMEs)
Users of Ecobank’s mobile banking platform will be able to safely pay for online and in-store purchases by scanning a Quick Response (QR) code displayed at checkout on their smartphones, or by entering a merchant identifier into their feature phones.
However, shoppers will not need to carry cash or their physical bank cards – rather they can make fast, safe and straightforward digital payments using Ecobank Masterpass QR via their mobile banking app on their mobile device anywhere that Masterpass QR is accepted.
With virtually 98 percent of MSMEs still transacting using cash, Masterpass QR will provide acquiring banks with a cost-effective, fast and easy to deploy solution enabling these businesses to accept electronic payments.
“Masterpass QR is a game-changer for Nigeria’s payment industry, as we can now offer affordable acceptance solutions to acquirers that have previously struggled to provide high Mobile Point of Sale and Point of Sale devices to MSMEs,” says Daniel Monehin, Division President, Sub-Saharan Africa, Mastercard.
He explained that Mastercard is pleased to partner with Ecobank to bring this technology to the country and help consumers leapfrog into the digital age – all using the market’s existing mobile banking infrastructure.”
Using Masterpass QR, business owners can increase revenue through the acceptance of mobile and digital payments, while reducing their exposure to the risks and costs of managing cash. Payment is instantaneous and guaranteed, meaning that merchants no longer need to wait days for transactions to reflect in their accounts.
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