Global technology giant Mastercard has introduced its cutting-edge contactless payment solution.
This innovative offering is set to empower businesses, particularly small and medium enterprises (SMEs) to seamlessly accept card payments in a cost-effective manner, utilizing features such as ‘tap on phone,’ ‘QR Pay by link,’ and ‘Payment link’ directly on their smartphones.
The launch event included a panel session featuring experts from the payment industry who emphasized the potential impact of Mastercard’s contactless payment solution on driving low-cost options for SMEs, fostering increased digital payment adoption in Nigeria.
The technology enables SMEs to convert their mobile phones into point-of-sale (POS) terminals, providing customers with convenient and hassle-free payment options.
Given that Nigeria boasts approximately 40 million small businesses, the introduction of contactless payment solutions is poised to simplify payment processes for SMEs, thereby fostering growth.
Traditional payment acceptance terminals can often be prohibitively expensive for these smaller enterprises.
Mastercard’s contactless options aim to substantially reduce the cost of payment acceptance devices, making it financially viable for SMEs to embrace this technology.
Kari Tukur, Vice-President of Customer Solutions, East and West Africa at Mastercard, expressed the company’s commitment to promoting innovative payment methods to support financial inclusion and economic growth in Nigeria.
Tukur stated, “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 are committed to making a digitally inclusive future a reality for all.”
With this move, Mastercard aims to spearhead a digital revolution in Nigeria, paving the way for more accessible and efficient financial transactions for businesses and consumers alike.
The introduction of contactless payment solutions aligns with the global trend of embracing digital technologies to enhance convenience and security in financial transactions.
As businesses adapt to the changing landscape, Mastercard’s initiative stands out as a significant step toward shaping Nigeria’s digital payment ecosystem.