Ecobank Group has collaborated with Mastercard to launch EcobankMasterpass QR, an enhancement to the Masterpass global digital payment service that will enable millions of micro, small and medium enterprises (MSMEs) in Nigeria to accept fast and secure digital payments from consumers for the first time. Ecobank has chosen Nigeria to first launch this mobile-driven, Person–to-Merchant (P2M) payment solution with Mastercard, which will address challenges with the acceptance of electronic payments within the MSME segment.
Users of Ecobank’s mobile banking platform will be able to safely pay for online and in-store purchases by scanning a Quick Response (QR) code displayed at checkout on their smartphones, or by entering a merchant identifier into their feature phones. Shoppers do not need to carry cash or their physical bankcards – rather they can make fast, safe and simple digital payments using EcobankMasterpass QR via their mobile banking app on their mobile device anywhere that Masterpass QR is accepted.
MSMEs comprise 96% of Nigerian businesses, making them a hugely important sector of the economy. With almost as many as 98% of MSMEs still transacting using cash, Masterpass QR provides acquiring banks with a cost-effective, fast and easy to deploy solution enabling these businesses to accept electronic payments.
After launching in Nigeria, Ecobank plans to launch EcobankMasterpass QR in 34 other markets. Using Masterpass QR, business owners can increase revenue through the acceptance of mobile and digital payments, while reducing their exposure to the risks and costs of managing cash. Payment is instantaneous and guaranteed, meaning that merchants no longer need to wait days for transactions to reflect in their accounts.