Ecobank Group is partnering with Mastercard to launch Ecobank Masterpass QR, an update to the Masterpass global digital payment service. The global digital payment system will enable micro, small and medium-sized businesses in Nigeria to accept fast and secure digital payments for the first time ever.
According to a report, Ecobank will first launch its person-to-merchant payment solution with Mastercard in Nigeria to address the challenges with accepting digital payments within micro, small and medium-sized businesses. With the mobile banking platform, users will be able to safely pay for things online and in store by scanning a QR code displayed at checkout on their phones. Another option is to enter a merchant identifier into their feature phones. With the technology enabled, shoppers won’t have to carry cash or their bank cards.
“Ecobank Masterpass QR serves the rapidly expanding needs of individuals and merchants in Nigeria and across Africa who are increasingly turning to mobile for payments. Enabling prosperity in Africa is about bringing many millions quickly into an organized financial system on the continent and globally. MSMEs are Africa’s future wealth creators, and Masterpass QR is designed with these increasingly tech-aware businesses in mind,” said Ade Ayeyemi, Ecobank Group’s CEO, in the report.
The report noted micro, small and medium-sized enterprises make up 96 percent of Nigerian businesses, a hugely important part of the economy. The majority still use cash for transactions, presenting an opportunity for digital payment providers.
“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 expensive mobile point-of-sale and point-of-sale devices to MSMEs,” said Daniel Monehin, Mastercard sub-Saharan Africa division president. “We are 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.”