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Mastercard, a global leader in payment technology, has unveiled its innovative contactless payment solution, aiming to revolutionize Nigeria’s payment landscape. The newly launched solution is designed to empower businesses by facilitating easy and cost-effective card payments through features like ‘tap on phone,’ ‘QR Pay by link,’ and ‘Payment link’ on smartphones.
During a panel discussion highlighting the significance of contactless payment solutions, industry experts emphasized that Mastercard’s offering would serve as a catalyst for low-cost solutions, fostering the adoption of digital payments among Small and Medium Enterprises (SMEs) in Nigeria. The contactless payment solution is expected to enable SMEs to transform their mobile phones into Point of Sale (POS) terminals, providing customers with seamless and convenient payment options.
Given the substantial number of small businesses in Nigeria, estimated at around 40 million, the introduction of contactless payment options is poised to simplify payment acceptance for SMEs, thereby contributing to their growth. Traditional payment terminals can be financially burdensome for SMEs, but Mastercard’s contactless options are anticipated to significantly reduce the costs associated with payment acceptance devices.
Kari Tukur, Vice-President of Customer Solutions, East and West Africa at Mastercard, expressed the company’s commitment to facilitating a digitally inclusive future. Tukur stated, “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.”
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