Mastercard will launch a Masterpass QR bot on Facebook Messenger in Nigeria, to allow the country's businesses to set up digital money accounts and accept QR payments.
At Mobile World Congress, Mastercard said that it will utilize Facebook Messenger to offer technology to small businesses in Africa and Asia for electronic and mobile payments.
Masterpass QR, which was launched in 2016, allows customers with any type of mobile phone to accept and make in-person purchases without cash or a plastic card.
Mastercard will initially test a new Masterpass QR bot in Nigeria to make business owners accept QR payments beyond cash transactions.
Ecobank and Zenith Bank will support Mastercard’s initial program in the country.
The pilot in Nigeria is the starting of a larger plan by the two firms to add more businesses into the digital economy.
To begin process, businesses have to 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 and secure manner.
Once the process completes, business owners will be provided with flexibility to print and display the QR code in their stores or save the code on their phones.
Payments can be made by the customers through scanning the code from their smartphone or by entering the merchant ID associated with the QR code into their feature phone.
As per the research of The Fletcher School and Mastercard Center for Inclusive Growth, around 98% is still based on cash of the $301bn of funds flows from consumers to businesses in Nigeria
Mastercard digital channels and regions executive vice president Jorn Lambert said: 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.”
Facebook payments and financial services partnerships director Kahina Van Dyke said: “Brands and developers around the world are turning to messaging to connect with the 1.3 billion people who use Messenger each month.”
Image: Access to digital payments will help small businesses to expand into new markets. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.
- ^ BBR Staff Writer (onlinebanking.banking-business-review.com)