They said in a statement that the new payment solution would
run on Network International’s Tap on Phone technology.
According that the statement, ‘Tap on Phone’ tech is powered
by Mastercard Payment Gateway Services, which gives small and medium-sized
businesses the ability to accept payments through a smartphone.
The firms said, “Customers will simply tap their card or
device to make the payment on the SME merchant’s phone, with each transaction
processed through MPGS.
“In an omni-channel environment where consumers increasingly
want more choice to pay the way they want to, Tap on Phone is an innovative,
affordable, convenient, and welcome addition to the payment ecosystem.”
The Senior Vice President, Head of Products, EEMEA,
Mastercard, Gaurang Shah, said, “Small businesses are crucial for systemic
economic recovery, and by connecting more SMEs to digital commerce tools and
affordable payment acceptance solutions, we are putting in place a strong
foundation that can facilitate sustainable growth.
“Mastercard is dedicated to empowering every business with
the technology and solutions they need to thrive.”
According to the statement, SMEs are recognising the
potential of digitalisation, and have identified digital payment acceptance as
a top driver for growth.
It added that to ensure SMEs had all the support they needed
to go digital and grow, they would work with financial organisations, fintechs,
and the wider business community to create opportunities for SMEs across the
region.
The Group Managing Director, Acquiring, Network
International, Andrew Key, said, “As a leading enabler of commerce, we remain
committed to connect SMEs, the backbone of any economy, with innovative
solutions that will drive wider acceptance across the region.
“We are proud to partner with Mastercard to grow the
opportunities for entrepreneurs through the launch of Tap on Phone.”
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