Masterpass QR – Mastercard’s latest enhancement to its Masterpass digital payment service – supports mobile-driven Person-to-Merchant payments, enabling millions of micro, small and medium enterprises to move from cash to digital payments
Lagos, Nigeria, 08 September 2016: Ecobank Group has partnered with Mastercard to launch Ecobank Masterpass 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 don’t need to carry cash or their physical bank cards – rather they can make fast, safe and simple digital payments using Ecobank Masterpass QR via their mobile banking app on their mobile device anywhere that Masterpass QR is accepted.
Group CEO Ecobank, Ade Ayeyemi says: “Ecobank Masterpass QR serves the rapidly expanding needs of individuals and merchants in Nigeria and across Africa who are increasingly turning to mobile for payments. Enabling prosperity in Africa is about bringing many millions quickly into an organised financial system on the continent and globally. MSMEs are Africa’s future wealth creators and Masterpass QR is designed with these increasingly tech-aware businesses in mind.”