The solution turns Android smart phones into secure payment acceptance devices for contactless cards, mobile wallets and even smart watches with no additional equipment or set-up costs. Small businesses will benefit from a faster checkout in-store, as well as be able to easily accept card payment on delivery.
The move is expected to boost digital payment acceptance at small and micro enterprises in Nigeria, Ghana, Kenya, Uganda, and other key markets in Sub-Saharan Africa while supporting consumers’ preference for safe digital payments.
PayContactless leverages Mastercard Tap on Phone, a digital payment technology developed for micro and small businesses and tradesmen who tend to operate in a cash economy due to the costs and complexity of obtaining traditional point of sale devices.
The tap on phone functionality aligns with Mastercard’s commitment to delivering more accessible payments, without sacrificing security for convenience, and supports the technology company’s commitment to connect 50 million micro and small businesses to the digital economy by 2025.
The traditional POS system entails a manual way of things – manual inventory management and manual tracking of transactions for the whole day on the local server. While mobile POS systems store all customer data in the cloud, providing real-time records and updates.
Through mobile POS, all devices are connected via cloud technology, automating numerous daily operations, saving time for employees and customers, and having a positive impact on customer experience with your brand in general.
Mobile POS systems provide customers with the ability to pay for their orders even in the local fairs, markets, and other locations where commerce is allowed. It gives more flexibility to workers so that they could change the location and also promote the products in a wider area.
This benefit is related to small businesses and enterprises like flight or train companies where some products or services must be included in the ticket. Thanks to the mobile POS system, customers can buy the available items even during their trip via online ordering.
Digitalisation and digital tools can benefit SMEs, as shown in a 2019 economic survey of Singapore’s first quarter: firms who are adopting digital tools increased their value by 25% and their productivity by 16% on average.
SMEs digitalisation will not only improve their competitiveness, but it will also benefit society as well. As the main driver of regional economic growth and innovations, SMEs' digitalisation also plays a crucial part in developing an inclusive and sustainable economy. Recently, digitalisation solutions have contributed greatly to the UN's sustainable development goals and reduced wealth gaps, improved gender equality, and responded to climate change, giving people access to the resources necessary to their survival. As the world continues to go digital, digitalisation also has much to do with the development of governments and the impact of their policies on the digitalisation trend.
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