Mastercard has rolled out a new low-cost payment solution, dubbed, SME-in-a-Box to enable small business owners to move their businesses online and accept a range of digital payments from their customers.
“The ‘SME-in-a-Box’ solution is powered by Mastercard’s payment technology and it’s fintech partners, including payments and agency banking solutions company SmartPesa, a Mastercard StartPath partner.
According to a press release by MasterCard to Hypertext, The solution will assist small and micro merchants across the region to widen their customer base through digital platforms and enable sustainable revenue growth.
The solution is compatible with all Android mobile devices on a single app granting access to a wide range of financial services. The app will facilitate contactless payments, QR code payments, and can generate e-payment
links for remote payments.
Furthermore, Mastercard is also making it available for businesses to access a white-label app to take their solution to the market.
SVP of product management, digital payments, and labs for MEA at Mastercard, Gaurang Shah said, “The SME market represents 98% of businesses in South Africa, and has been deeply impacted by the pandemic. We recognize 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.”
“The SME in a Box offering provides SME owners with a quick and simple way to digitize their
business and build a platform for sustained future growth,” he added.
SME-in-a-Box allows SME owners to digitize their businesses as well as build a platform for
sustained future growth.
With this new solution, Mastercard has made a global commitment to bring 1 billion people into the digital economy by 2025. This includes 50 million small businesses and 25 million women, entrepreneurs.