Hellopay – the financial arm of the Hello Group – and South Africa payment facilitator partnered with MasterCard to roll out SoftPOS (a contactless payment solution) tap-on-pay that turns NFC Android devices into a physical POS.
The move will boost the acceptance of digital payment solutions in South Africa’s informal enterprises. With the need for social distancing, this should support consumer preferences for touch-free payments.
SoftPOS relies on Mastercard’s tap-on-phone which is a simple yet effective digital payments technology for micro and small businesses such as spaza shops, market stall traders, independent retailers, and mobile servicemen operating in a cash-centered economy.
Hellopay has an extensive network of merchants comprising of spaza shops and other informal South African traders. Million of customers in the under-served rural areas are also served. Businesses can download the mobile app cost-free and give it to their customers immediately with a smooth checkout experience that is seamless and secure.
Innovation in the financial sector is expected to last post-pandemic. According to a MasterCard study, 75% of their South African consumers now rely on contactless payments. 78% expect it to rise past-pandemic. Amnah Ajmal Sharma, MasterCard’s EVP Market Development for the Middle East and Africa described the partnership with Hellopay as a way of bringing ” financial inclusion” among informal merchants.
Hellopay with pilot SoftPOS payment solution with 1000 merchants within the net 6 months.
Source article: Finextra