Ecobank Group has teamed up with world’s second-largest payments network, MasterCard to launch the Ecobank MasterPass QR. The platform enable millions of micro, small and medium enterprises (MSMEs) in Nigeria accept fast and secure digital payments from consumers for the first time.
Powered by MasterCard’s Masterpass digital payment service which supports mobile-driven Person-to-Merchant (P2M) payment solution; the Ecobank Masterpass QR addresses the challenges inherent in the acceptance of electronic payments within the MSME segment.
Customers will be able to make simple, fast and safe payments using Ecobank’s mobile banking platform, by scanning the Quick Response (QR) code displayed at checkout on their mobile devices, or entering a merchant identifier into their feature phones. Shoppers will also be able to make payments anywhere the Masterpass QR is accepted.
Commenting on the new product, Group CEO Ecobank, Ade Ayeyemi said;
“Ecobank Masterpass QR serves the rapidly expanding needs of individuals and merchants in Nigeria and across Africa who are increasingly turning to mobile for payments. Enabling prosperity in Africa is about bringing many millions quickly into an organised financial system on the continent and globally. MSMEs are Africa’s future wealth creators and Masterpass QR is designed with these increasingly tech-aware businesses in mind.”
Select merchants in parts of Lagos – Ikeja, Lekki and Victoria Island, already accept MasterCard QR with others in the process of signing up across the country. After launching in Nigeria, Ecobank plans to launch Ecobank Masterpass QR in 34 other markets.
Source: MasterCard Press Release
