Mastercard Incorporated (NYSE:MA) has introduced a suite of contactless payment solutions aimed at transforming the payments landscape in Nigeria. This initiative allows businesses of all sizes across the country to utilize tap-on phone services, QR codes, and Payment Links on their smartphones, facilitating seamless acceptance of card payments. These contactless options leverage Mastercard’s robust payment acceptance technology, ensuring enhanced safety in transactions.

The newly launched solutions incorporate Near Field Communication technology, enabling smart devices to function as payment acceptance devices. They establish smooth connections with customers’ contactless payment cards, facilitating faster processing of payments. This not only saves time for business owners but also provides them with the opportunity to focus on other aspects of their operations.

Mastercard’s suite of payment solutions is designed to reduce the cost of payment acceptance devices. Merchants in Nigeria no longer need to incur exorbitant costs associated with investing in separate hardware Point-of-Sale devices. This cost-effective approach is expected to bring relief to approximately 40 million small businesses in the country, enabling them to afford and embrace the growing trend of digitization in their daily operations.

In addition to benefiting merchants, Mastercard’s solutions offer advantages to consumers as well. The accelerated checkout experience and reduced waiting times are some of the resulting benefits. Customers can simply place their cards on the merchant’s device for seamless payments, eliminating hassles related to cash payments, card swiping, and entering PINs.

This recent announcement underscores Mastercard’s commitment to expanding the reach of its digital payment solutions in Nigeria, aligning with the digital transformation occurring across the continent. It also aligns with MA’s goal of bringing 50 million micro and small merchants into the digital economy by 2025. The increased adoption of Mastercard’s solutions is expected to contribute to higher revenues and a significant share of the global digital payments market.

Mastercard has consistently focused on infusing digitization into people’s daily lives globally. In a recent move, the company collaborated with PT MRT Jakarta, the operator of Jakarta’s transit facilities and infrastructure, to enhance the transit experience for commuters in Indonesia’s capital city. Commuters can use MA-branded debit cards for cashless top-ups of MRT cards at manned counters within MRT stations, and credit cards can be employed for purchasing MRT tickets via the MyMRTJ app.

Mastercard’s shares have gained 23.1% in the past year, outperforming the industry’s 21.1% increase. Mastercard continues to demonstrate its commitment to advancing digital payment solutions worldwide.

Featured Image: Unsplash

Please See Disclaimer