Ecobank Group has partnered with MasterCard to introduce Ecobank Masterpass QR, an enhancement to the Masterpass digital payment service, in Nigeria.
The new service will allow millions of MSMEs in the country to accept fast and secure digital payments from consumers for the first time, thereby helping them to move from cash to digital payments.
Now, the Ecobank’s customers using mobile banking platform can securely 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.
This eliminates the requirement to carrying cash or physical bank cards to stores. Instead, they can pay using Ecobank Masterpass QR through their mobile device anywhere that Masterpass QR is accepted.
Ecobank group CEO Ade Ayeyemi said: “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.”
MasterCard division president for Sub-Saharan Africa Daniel Monehin said: “Masterpass QR is a game-changer for Nigeria’s payment industry, as we can now offer affordable acceptance solutions to acquirers that have previously struggled to provide expensive Mobile Point of Sale and Point of Sale devices to MSMEs.”
After Nigeria, Ecobank is set to launch Ecobank Masterpass QR in 34 other markets.