Mastercard introduces QR, TAP and LINK contactless payment solutions for Nigeria
Mastercard has introduced its contactless payment solutions, providing businesses with an easy and cost-effective way to accept card payments. Through features like “tap on phone,” “QR Pay by link,” and “Payment link” on their smartphones, businesses can now empower themselves to accept payments conveniently.
This advancement in payment technology is especially significant in Nigeria, where the Central Bank has recognized the rapid growth of the payment market. In January 2021, they introduced the Framework for Quick Response (QR) Code Payment, followed by the release of the Exposure Draft of the CBN Guidelines for Contactless Payment in October 2022.
These guidelines define contactless payment as secure transactions without physical contact, utilizing NFC, Radio Frequency, or QR Codes. With around 40 million small businesses in Nigeria, contactless payment options will greatly benefit Small and Medium Enterprises (SMEs) by making payment acceptance more accessible.
Traditional payment terminals can be expensive for SMEs, but Mastercard’s contactless options will significantly reduce the cost, enabling even small businesses to accept payments using their affordable smartphones. By utilizing QR codes, Payment Links, and Contactless payments equipped with Mastercard’s secure technology, businesses can ensure safe and easy payment acceptance.
Mastercard is proud to launch these contactless payment solutions in Nigeria, recognizing the importance of seamless, secure, and cost-effective digital payment methods for small businesses and consumers. They are committed to supporting and accelerating the adoption of innovative payment methods, ultimately promoting financial inclusion and economic growth in Nigeria. Together, they are shaping a digitally inclusive future, said Kari Tukur, VP of Customer Solutions, Mastercard, East and West Africa.
QR code payments offer businesses a convenient solution for processing payments without the need for additional hardware. By setting up QR code payments on their smartphones, customers can easily make payments.
Contactless payments enhance the checkout experience, making it faster and more convenient for everyone involved. With a contactless payment system, customers can skip the hassle of cash or card payments and simply tap their mobile phone against the terminal for seamless transactions.
The use of NFC technology in contactless cards ensures smooth payment processing, saving time for business owners and allowing them to focus on other important tasks like inventory management.
This technology brings numerous benefits to consumers, including convenience, speed, security, and accessibility. Transactions are processed quickly, reducing waiting times, and providing a secure payment method that eliminates the risks associated with cash payments. Mastercard’s commitment to connecting billions of individuals and millions of merchants to the digital economy by 2025 is further emphasized by this advancement.
