Mastercard announced new payment solution for SMEs

The solution will aid small and micro merchants across the Middle East and Africa in expanding their customer base

Mastercard

Mastercard announced new payment solution for SMEs. Source: shutterstock.com

Mastercard has launched an “SME-in-a-Box” payment solution that enables small business owners to shift online and accept digital payments.

SME-in-a-Box is powered by Mastercard’s payment technology and its partners, including payments and agency banking solutions company SmartPesa.

The new offering allows business owners to access a wide range of financial services through a single app compatible with all Android devices.

The app’s functionality supports contactless and QR code payments and has the ability to generate e-payment links for remote payments.

Acquirers can also access a white-label app to rapidly take the solution to the market.

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
Gaurang Shah, Senior Vice President, Product Management, Digital Payments & Labs, Middle East and Africa – Mastercard

We’ve reported that Mastercard and Microsoft have announced a collaboration to shape digital commerce, drive startup innovation, and enable financial inclusion. The partnership will accelerate Mastercard Labs’ cloud-native research and development activities, enabled by Azure and AI.

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