A new payment solution has been provided by MasterCard for small and medium scale enterprises to enable touchless payments and virtual cards which would enhance service experiences of their customers. The solution is called SME- in-a-Box. It is a low-cost payment solution which makes it possible for small and medium scale business owners to extend their businesses online and also accept from their customers, a range of digital payments.
The payment solution offers three different services to SMEs.
The first solution enables SMEs to use their smartphones to accept payments at no additional costs. This will be done by using MasterCard QR and Tap on Phone.
The second service provides access for small and micro merchants to virtual cards, and other tools of business management.
And thirdly, the payment solution allows SMEs to join the online commerce space via a remote invoicing capability.
In effect, the payment solution is aimed at providing small and medium scale enterprises is well as merchants in Nigeria access to use digital platforms to expand their base of customers and also to promote sustainable revenue growth.
Senior Vice President, Product Management, Digital Payments and Labs, Middle East, and Africa, MasterCard, Gaurang Shah, noted the impact of the Coronavirus Pandemic on the SME market which represents 90% of businesses in Nigeria, and further stated the efforts and commitment of MasterCard to provide support for such businesses through the Covid-19 period and even beyond. "The SME market represents 90% of businesses in Nigeria, and has been deeply packed by the pandemic. We recognize the overwhelming pressure that small business owners are currently facing and are committed to support them through Covid-19 and beyond by bringing our tools at a low cost and rapid time to market. The SME-in-a-Box offering provides SME owners with a quick and simple way to digitize their business and build a platform for sustained future growth".
Also speaking, Olubusola Osilaja, Group Executive Director, Platforms and Partnership Innovectives, said, "Merchants across emerging markets are the backbone of these economies and are eager to do more. However, many of them are limited in accessing supportive financial and business support. In combination with the impact created due to the pandemic, the need to support SMEs is more stringent than ever before. We are leveraging our strength in banking, payment and lending technologies, along with a deep understanding of retail merchant networks to deliver SME-in-a-Box".
MasterCard will be making collaboration with a number of its StartPath fintech partners, including onboarding technology provider, signzy, and MasterCard's network of Tap on Phone partners. It is powered also in Nigeria by leading fintech, Innovectives.
MasterCard has made a global commitment to bring into the digital economy, 1 billion people by 2025. This includes 50 million small businesses and 25 million women entrepreneurs. MasterCard has pledged $250 million as part of its response to the Covid-19 pandemic, in financial, technology, product, and insights support across the globe, over the next five years to small businesses, supporting the vitality and financial security of businesses and their workers.
Evidently, with this introduction from MasterCard, many small business owners will find it much more easier and convenient to trade online, and would therefore be encouraged to increase their working capital to broaden the scope of their business. This will in the long run promote economic activities in the country, and increase revenue through tax even as the individual owners witness an increase in their profits. More people also will be encouraged to start up small and medium scale businesses and be able to build them to become a success with the available machinery in place to help them, particularly in their services to their customers.
So in essence, the payment solution is both timely and future oriented and is thus a welcome innovation from MasterCard in helping SMEs at these challenging times.
MasterCard is s global technology company in the payments industry. Their chief mission is to connect and power in inclusive digital economy that benefits everyone, everywhere by making transactions safe simple, smart and accessible. Using secure data and networks, partnerships and passion, their innovations and solutions helps individuals, financial institutions, governments and businesses realize their greatest potentials.