Mastercard has launched a new low-cost payments solution that enables small business owners to 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 technology and that of its fintech partners, including payments and agency banking solutions company SmartPesa.
The solution is expected to aid small and micro merchants across the region in expanding their customer base via digital platforms and enable sustainable revenue growth.
Mastercard says that this 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, QR code payments, and has the ability to generate e-payment links for remote payments.
“The SME market represents 98% of businesses in South Africa and has been deeply impacted by the pandemic. We recognise 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,” says Gaurang Shah, Senior VP of Product Management, Digital Payments & Labs in MEA for Mastercard.
“The SME in a Box offering provides SME owners with a quick and simple way to digitize their business and build a platform for sustained future growth.”
As part of its response to the COVID-19 pandemic, Mastercard has also pledged $250 million in financial, technology, product, and insights support over the next five years to small businesses across the globe.
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