Mastercard today announced its plans to launch Masterpass QR bot for Messenger to enable Nigerian businesses to set up digital money accounts and accept QR payments
According to a news report distributed by the African Press Organisation (APO) Group, the leading global digital payments service provider disclosed this at Mobile World Congress holding in Barcelona, Spain.
Specifically, Mastercard announced that it would use Facebook Messenger to provide technology to small businesses in Africa and Asia to drive affordable acceptance of electronic and mobile payments.
It pointed out that access to digital payments would help these businesses expand to new markets, and unlock financial services and products that enables them to grow their livelihoods.
According to the news report, the Messenger experience will launch in Nigeria, where Mastercard will pilot a new Masterpass QR bot to help business owners’ move beyond cash transactions to accepting QR payments.
Mastercard stated further that Ecobank and Zenith Bank would support this inaugural programme, adding that the pilot in Nigeria is the beginning of a larger plan by the two companies to include more businesses into the digital economy.
According to research done by The Fletcher School and Mastercard Center for Inclusive Growth, of the $301 billion of funds flow from consumers to businesses in Nigeria, 98 percent is still based on cash.
Commenting on the initiative,the Executive Vice President, Digital Channels and Regions, Mastercard, Jorn Lambert, said: “Every business owner is looking for ways to increase sales and draw new customers into their stores. By offering QR-based digital payments, smaller retailers can achieve these goals and create greater customer stickiness with little to no investment beyond the phone they already have.
“Masterpass QR opens up new commerce channels for these merchants and enables them to create auditable transaction records. These advances open doors to other financial tools and products such as loans to drive added business growth”, he added.
To get started, businesses can send a request to the bot to enable QR payments, receive approval from the bank, set up an account and start accepting digital payments in a fast, simple and secure manner.
Once the account set up process is complete, business owners can print and display the QR code in their stores or save the code on their phones. Customers can pay by either scanning the code from their smartphone or by entering the merchant ID associated with the QR code into their feature phone.
Director of Payments and Financial Services Partnerships at Facebook, Kahina Van Dyke, enthused: “Brands and developers around the world are turning to messaging to connect with the 1.3 billion people who use Messenger each month.
“We are pleased that Mastercard is developing a service on the Messenger Platform to help small merchants use messaging to manage their business and connect with their customers”, Dyke added.
Launched in 2016, Masterpass QR provides people with any type of mobile phone the ability to safely accept and make in-person purchases without cash or a plastic card.
It provides greater choice in payments and complements Mastercard’s investment in contactless payments to provide merchants of all sizes – from international chains to individual shop owners and street vendors – a fast, secure and inexpensive way to accept payments.
In his remarks, Group Executive, Consumer Bank, Ecobank Group, Patrick Akinwuntan, said: “In line with our goal to serve 100 million Africans by the end of 2020, Ecobank is delighted to collaborate with Facebook and Mastercard to enable underserved and unbanked micro-merchants with the opportunity to open an Ecobank account almost immediately and begin to receive instant payments using Ecobank Masterpass QR on the Facebook Messenger platform. Micro merchants in Nigeria are already benefiting from Masterpass QR and will soon be in 32 markets across Africa, enabling them to move away from cash. That is true economic empowerment,” said
Similarly, the Managing Director of Zenith Bank Plc, Mr. Peter Amangbo, said: “Our Bank is partnering with Facebook and Mastercard to introduce Masterpass QR as a means of driving financial inclusion and creating a new payment ecosystem for MSMEs and consumers.”
“This initiative will help us encourage financial inclusion within the country in line with the strategic thrust of the Central Bank of Nigeria (CBN). Buyers and sellers now meet and conclude transactions in-store, online and on social media, so we are ensuring payments can also be made on these platforms via QR codes, without having to log onto other solutions or even take a break from what you are doing on Facebook.”, Amangbo added.