Lipa Payments supports financial inclusion in Africa with digital payments

Wednesday 23 February 2022 09:56 CET | News

South Africa-based fintech Lipa Payments has launched ‘Tap to Pay’, a digital payment solution, enabling merchants to accept contactless payments from a mobile phone.

Lipa partners with banks and fintechs to enable accessible payments for merchants, even if they have low-end mobile phones. The company aims to solve the problem of informal areas not having access to payments systems in the digital age.

Company officials stated that merchants run the risk of running out of cash during business hours and there are security risks when managing cash. The Lipa Payments solution augments the experience for informal traders by moving their businesses forward with digital payments.

With Lipa’s technology, informal merchants can accept and make payments using just a smartphone, even if those mobile phones don’t have near-field capabilities or internet access at the time of a transaction. All smartphones have access to Bluetooth, so banks and fintechs that use the Lipa digital solutions can offer consumers contactless phone-to-phone payments without merchants having to purchase Point-of-Sale (POS) devices.

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Keywords: mobile payments, fintech, merchants, financial inclusion, POS
Categories: Payments & Commerce
Companies: Lipa Payments
Countries: Africa
This article is part of category

Payments & Commerce

Lipa Payments

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