Mastercard is partnering with Nigerian Fintech start-up, NetPlus to develop an e-commerce solution.
The Mastercard e-commerce solution empowers the consumer, the e-retailer as well as the delivery service by providing a simple and secure digital solution. Consumers can pre-authorise the payment when placing their order online, the e-retailer is given a sense of comfort and dispatches the goods via a delivery service who is able to use the Mastercard e-commerce app to authorise the release of the payment once the consumer approves, ensuring the merchant is paid immediately.
A key feature is that if the consumer is dissatisfied with their package the transaction can be voided and the funds immediately released, so there is no delay – one of the biggest points of frustration for consumers buying online in Africa.
“Cash has held the sector back from reaching its full potential in Africa,” says Omokehinde Adebanjo, Vice President and Area Business Head for West Africa at Mastercard. “We have invested a great deal of energy and resources to develop a workable solution that will meet the diverse needs of merchants and consumers across the continent, and world. It is fitting that our partnership with NetPlus, an African-born tech company, has resulted in us achieving our goal of digitizing the e-commerce sector.”
“The solution comes with extensive benefits for merchants and consumers,” says Faroun. “For e-retailers, the pre-authentication reflects the commitment on the part of the consumer to the purchase, as well as guarantees real time payment and improved liquidity. Consumers benefit from renewed confidence in online shopping, peace of mind as the payment is only processed on delivery without the need for cash.”
NetPlus is the first African start-up to be selected by the Mastercard Start Path programme, an initiative open to start-ups from Africa and across the world who are rethinking banking and payments and who have well established already, having secured significant investment. During a six-month virtual programme, Start Path provides start-ups with the operational support, mentorship and investment they need to develop the next generation of commerce solutions and grow their operations.