Virtual Card Services (VCS), in collaboration with MasterCard, has introduced its virtual Point of Sale (vPOS) in South Africa, which marks the first virtual payment solution in the country.
The service will enable small enterprises and mobile businesses to accept digital card payments in-store, remotely or on-the-go through mobile devices.
Powered by MasterCard’s MasterPass digital payments platform, the vPOS offers a safe, convenient and easy way for merchants to be paid.
VCS chief operating officer Wouter Uitzinger said: "We designed the vPOS to meet the needs of merchants who do business ‘on the move’ and need to accept card payments wherever they are conducting business – be that at someone’s house or selling products at weekend markets or roadshows.
"We see enormous potential for the solution in South Africa, especially with the large number of informal traders, and the growing population of smartphone users."
To use the virtual payment platform, merchants will have to sign up by simply applying for an affordable merchant facility directly from VCS and thereafter download the vPOS app from their Android or Apple app store and authenticate their credentials. In order to accept payment, merchants will enter the transaction amount on the app’s keypad and obtain a MasterPass Quick Response (QR) code that is displayed on their own device.
The customers will have to open the MasterPass app on their mobile device and scan the QR code. They can choose the card they want to use, enter their bank PIN on their own device, and the transaction is complete.