MasterCard launches contactless payment solution
Mastercard has announced a contactless payment solution that will empower businesses to accept card payments using a tap on their phone, QR Pay by link, and Payment link on their smartphones.
The firm noted that with approximately 40 million small businesses in the country, contactless payment options would make it easier for them to accept payments as opposed to traditional payment acceptance terminals which can be expensive for them.
It stated that its contactless options would reduce the cost of payment acceptance devices, making it financially feasible for SMEs to adopt since they would now be empowered to use their smartphones to accept payments safely and easily.
In a statement, the Vice-President of Customer Solutions, East and West Africa at Mastercard, Kari Tukur, said, “As we navigate the evolving landscape of payments in Nigeria, Mastercard is proud to launch its contactless payment solutions. We understand the importance of seamless, secure, and cost-effective digital payment solutions, particularly for small businesses and consumers.
“We are determined to support and accelerate the adoption of innovative payment methods, ultimately fostering financial inclusion and economic growth in Nigeria. We’re committed to making a digitally inclusive future a reality for all.”
The firm argued that contactless payments have the potential to make the checkout experience faster and more convenient for businesses and customers.
It added, “With a contactless payment system in place, customers can skip the step of paying by cash or swiping their card and inputting the PIN. They can simply tap the card against the terminal, in this case, their mobile phone, making for smoother transactions.
“The NFC (Near Field Communication) technology that is built into contactless cards ensures seamless payment processing. Contactless payments also save a lot of time for business owners by decreasing transaction times and making it easier to invest that time in other business-related duties like inventory management.”