‘Mastercard’s Contactless Solutions Will Enhance Digital Payment’

Emma Okonji

Mastercard, a global technology company in the payments industry has launched its contactless payment solution, designed to transform Nigeria’s payment landscape.

The company said the solution will empower businesses to accept card payments easily and cost effectively, using ‘tap on phone’, ‘QR Pay by link’ and ‘Payment link’ on their smart phones.

At a panel session that discussed the importance of contactless payment solutions, the panelists who are experts in the payment industry, were of the view that the Mastercard contactless payment solution would drive low-cost solution that will boost SME’s adoption of digital payments in Nigeria, and also help in enabling SMEs to convert their mobile phones to POS terminals, while delivering seamless and convenient payments options to customers.

According to the panelists, with approximately 40 million small businesses in Nigeria, contactless payment options will make it easier for Small and Medium Enterprises (SMEs) to accept payments, thereby boosting growth. Traditional payment acceptance terminals can be too expensive for SMEs. Mastercard’s contactless options will dramatically reduce the cost of payment acceptance devices, making it financially feasible for SMEs to adopt the technology.

Vice-President of Customer Solutions, East and West Africa at Mastercard, Kari Tukur, said: “As we navigate the evolving landscape of payments in Nigeria, Mastercard is proud to launch its contactless payment solutions. We understand the importance of seamless, secure, and cost-effective digital payment solutions, particularly for small businesses and consumers. We are determined to support and accelerate the adoption of innovative payment methods, ultimately fostering financial inclusion and economic growth in Nigeria. We are committed to making a digitally inclusive future a reality for all.”