Mastercard International is partnering with South African tech firm Hellopay to roll out SoftPOS – a contactless acceptance solution that turns any NFC-enabled Android device into a physical point of sale. This two pronged solution is expected to boost digital payment acceptance at small informal enterprises in South Africa, while supporting consumers’ preference for touch-free payments amidst social distancing.
SoftPOS leverages Mastercard Tap on Phone technology developed for micro and small businesses like spaza shops, independent retailers, market stall traders, mobile servicemen and tradesmen who tend to operate in a cash economy due to the costs and complexity of obtaining traditional point of sale devices.
Read also:Algerian Postal Service Just Extended Deadline For Startups To Apply To Digitize Its Payment System
“The SMME 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 Amnah Ajmal Sharma, EVP of Market Development for MEA at Mastercard.
“Through our partnership with Hellopay, we can further support financial inclusion – especially among informal merchants –and help these businesses deliver new and best-in-class contactless consumer experiences using a device they already own: a smartphone.”
Read also:Thndr, Egyptian Fintech Startup Helps Users to Trade Mutual Funds
The tech firm will pilot the solution with 1,000 merchants over the next six months. Mastercard, which continues to be at the forefront in the design of security requirements for Tap on Phone, will manage the payments infrastructure to ensure the solution remains safe, secure, and seamless.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry