Digital Payment: Mastercard Introduces ‘Tap on Phone’ Tech in Africa
TECHDIGEST – Global payment and technology company, Mastercard, together with another leading industry operator, Network International, is rolling out ‘Tap on Phone’ technology across the Middle East and Africa, to expand digital payment acceptance, targeting SMEs in the region.
The companies say they are working closely with governments, financial organizations, fintech firms and the wider business community to create opportunities for SMEs across the region.
The Tap on Phone technology will be powered by Mastercard Payment Gateway Services, giving an estimated 500 000 SMEs in the Middle East and Africa the ability to accept payments through a smartphone.
Network International and Mastercard say that in an omni-channel environment where consumers increasingly want more choice to pay the way they want to, Tap on Phone is an innovative and welcome addition to the payment ecosystem.
The companies have a long-standing partnership, bringing together Mastercard’s expertise in payments and technology, and Network International’s digital payments capabilities that have a focus on security and innovation.
According to the partners, SMEs in the region are recognizing the potential of digitalization, and have identified digital payment acceptance among the top drivers for growth, hence the need to roll out the Tap on Phone technology.
For Africa, as digital innovation improves and internet access increases, digital payment solutions − such as contactless, virtual card numbers and quick response codes − have been on the rise.
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.”
“As a leading enabler of commerce, we remain committed to connect SMEs, the backbone of any economy, with innovative solutions that will drive wider acceptance across the region,” comments Andrew Key, group MD – acquiring, Network International.
“We are proud to partner with Mastercard to grow the opportunities for entrepreneurs through the launch of Tap on Phone.”
Also, Group Managing Director – Acquiring, Network International, Andrew Key, said: “Making sure that SMEs have all the support they need to go digital and grow digital is a key focus for Network International.
“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’’.