Mastercard Plans New Payment Technology In Nigeria

Mastercard and Network International have collaborated to launch a new digital payment acceptance technology that will allow 500,000 new merchants in African and Middle Eastern countries to use mobile phones as payment terminals.

According to a statement, the new payment solution will be based on Network International’s Tap on Phone technology.

The ‘Tap on Phone’ technology, according to the statement, is powered by Mastercard Payment Gateway Services, which allows small and medium-sized businesses to accept payments via smartphone.

“Customers will simply tap their card or device to make the payment on the SME merchant’s phone,” the companies said, with each transaction processed through MPGS.

“Tap on Phone is an innovative, affordable, convenient, and welcome addition to the payment ecosystem in an omni-channel environment where consumers increasingly want more choice in how they pay.”

“Small businesses are critical for systemic economic recovery,” said Gaurang Shah, Senior Vice President, Head of Products, EEMEA, Mastercard. “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 committed to providing every business with the technology and solutions it requires to thrive.”

According to the statement, SMEs recognize the value of digitalization and have identified digital payment acceptance as a key driver of growth.

It went on to say that in order to ensure that SMEs had all the support they needed to go digital and grow, they would collaborate with government, financial organizations, fintechs, and the broader business community to create opportunities for SMEs across the region.

“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,” said Andrew Key, Group Managing Director, Acquiring, Network International.

“Through the launch of Tap on Phone, we are proud to partner with Mastercard to expand opportunities for entrepreneurs.”