Mastercard launches ‘Tap on Phone’ payment technology that will benefit 500,000 SME traders.

Mastercard has launched a digital payment system that allows mobile phones to operate as payment terminals and is projected to help over 500,000 new merchants in Africa.

Small and medium-sized enterprises (SMEs) may now accept payments via their smartphones thanks to Network International’s ‘Tap on Phone’ technology, which is supported by Mastercard Payment Gateway Services (MPGS).

Customers will just tap their card or device on the SME merchant’s phone to make a payment, with each transaction completed through MPGS.

The project aims to boost the growth of small micro-businesses by using digitally innovative methods.

“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 committed to providing every business with the technology and solutions it requires to succeed,” says the company.

According to its partners, Acquiring Network International, they remain committed to linking SMEs, the backbone of any economy, with new solutions that will drive wider recognition across the region as a major enabler of trade. 

“Through the launch of Tap on Phone, we are happy to join with Mastercard to expand the prospects for entrepreneurs.”