Hellopay, the Hello Group’s financial arm, and MasterCard collaborated to carry out SoftPOS (a contactless payment solution) tap-on-pay, which transforms NFC Android devices into physical POS terminals.
The transition would help informal businesses in South Africa embrace digital payment solutions.
With the need for social distance, consumers’ desires for touch-free payments should be supported.
The Tap on Phone solution from Hellopay is the product of a collaboration between Nedbank, Mastercard, and SmartPesa.
The tap-on-phone feature is in line with Mastercard’s commitment to making payments faster and more available while never compromising security.
SoftPOS is based on Mastercard’s tap-on-phone technology.
Which is an easy but successful digital payments technology for micro and small businesses operating in a cash-based economy.
Businesses such as spaza shops, market stall vendors, independent retailers, and mobile servicemen.
“Eliminating the need for a dedicated terminal and allowing the merchant to accept card payments using their cellphone is groundbreaking and a major game changer within the SMME sector,” said Zunaid Miya, Managing Director, Hello Group’s Financial Services Company.
Lowering the entry threshold for retailers to accept card payments would almost certainly result in a substantial rise in the amount of card-based transactions.
We’re excited to partner with Mastercard to help businesses such as spaza stores, independent retailers, market stall vendors, mobile servicemen, and tradesmen embrace safe and secure contactless payments.”
For the next six months, Hellopay will test the solution with 1,000 merchants.
Mastercard can manage the payments infrastructure to ensure the solution remains safe, stable, and seamless, as it has been in the design of security specifications for Tap on Phone.