According to Daniel Monehin, division president, MasterCard Sub-Saharan Africa in a release statement, “Our collaboration with Equity Bank and Ezetap to introduce this innovative technology to Kenya will help businesses and retailers boost sales through broadened acceptance. The MasterCard MPOS solution will allow Kenyan retailers who previously operated on a cash-only-basis, to use mobile phones as point of sale (POS) terminals and accept electronic payments.”
The MPOS pilot project was initially announced January 15 as part of the strategic alliance between Equity Bank and MasterCard to issue 5 million cards, will be targeted at selected merchant retail outlets. This will give Equity Bank the necessary data to implement a more in-depth countrywide roll-out of the Ezetap MPOS solution.
Just like Square, which allows users to accept credit card payments to the iPhone, Android or their iPads, Ezetap users will need a smartphone and a data package to accept payments via their phones however, the firm on its site says Ezetap says it works on any phone and on any card.
Ezetap has a card reader payment application and an Ezetap MPOS Card Reader that plugs into the mobile handset, similar to US Square payments. Users or retailers just swipe debit, credit or prepaid cards for cashless transactions.
According to Abhijit Bose, CEO of Ezetap the mobile point of sale service can transform payments in emerging markets but that’s just one way.
Bose said, “To be fully successful, you need a strong set of partners, like MasterCard and Equity Bank, who truly understand the needs and concerns of the local merchants and consumers.”
Merchants with transaction volumes of less than US$100,000 can turn around their businesses using the MPOS because of convenience and security offered by cashless payments to their customers. After the pilot the service is expected to revolutionise both merchants’ and citizens lives.
Dr James Mwangi, MD and CEO of Equity Bank said working with MasterCard and Ezetap will offer inclusive, customer-focused financial services.
He said, “MasterCard has an established global reputation as an innovative, reliable payments technology provider, and we are looking forward to building on our long standing relationship and pioneering the introduction of MPOS to Kenyan businesses.”
Equity Bank says MPOS technology will help curb fraud in Kenya.