Financial Technology

Prophius, Mastercard move to deepen financial inclusion on contactless payments

Prophius and Mastercard, both technology companies have rolled out ‘tap on phone technology’ to deepen financial inclusion in the Sub-Saharan Africa (SSA) region.

According to a press statement by the two companies, the product will enable small businesses to accept contactless payments using their NFC-enabled Android phones.

“The move is expected to boost digital payment acceptance at small and micro enterprises in Nigeria, Ghana, Kenya, Uganda, and other key markets in SSA while supporting consumers’ preference for safe and seamless digital payment,” it stated.

PayContactless leverages Mastercard Tap on Phone, a simple and cost-effective digital payment technology developed for micro and small businesses and tradesmen who tend to operate in a cash economy due to the costs and complexity of obtaining traditional point of sale devices.

The solution turns Android, the first Financial Technology (Fintech) in West Africa to be certified by Mastercard for Tap on Phone and furthers its mission to enable commerce and create seamless payment experiences at the storefront.

Read also: Four themes to shape Africa’s digital payments in 2022

Ebehijie Momoh, country manager and area business head, West Africa at Mastercard, said small businesses are crucial for systemic economic recovery, and by connecting more SMEs to digital commerce tools and affordable payment acceptance solutions, they are putting in place a strong foundation that can facilitate sustainable growth.

“Through our partnership with Prophius, we can further support financial inclusion and help the businesses deliver new and best-in-class contactless consumer experiences using smart phones,” Momoh further said.

Prophius is working with several bank partners across SSA, with the solution expected to be available to small businesses from October 2022 in selected markets.

This is the next phase for us in our quest to enable commerce at the storefront in a simple, cheap, and effective way, says Olugbenga Adams, founder and chief executive officer of Prophius.

“This is especially important for small businesses, which need to accept payments without the associated hardware cost and partners including financial institutions and Fintech companies that want to enrich their existing products with contactless payments acceptance.”

The tap on phone functionality aligns with Mastercard’s commitment to delivering quicker and more accessible payments, without ever sacrificing security for convenience, and supports the technology company’s commitment to connect 50 million micro and small businesses to the digital economy by 2025.

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