Hellopay and Mastercard have partnered to roll out SoftPOS – a contactless acceptance solution that turns any NFC-enabled Android device into a physical point of sale.
This move is expected to boost digital payment acceptance at small informal enterprises in South Africa, while supporting consumers’ preference for touch-free payments amidst social distancing.
SoftPOS leverages Mastercard Tap on Phone technology developed for micro and small businesses like spaza shops, independent retailers, market stall traders, mobile servicemen and tradesmen who tend to operate in a cash economy due to the costs and complexity of obtaining traditional point of sale devices.
“The SMME market represents 98% of businesses in South Africa and has been deeply impacted by the pandemic. We recognise the overwhelming pressure that small business owners are currently facing and are committed to supporting them through COVID-19 and beyond by bringing our tools at a low cost and rapid time to market,” says Amnah Ajmal Sharma, EVP of Market Development for MEA at Mastercard.
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“Through our partnership with Hellopay, we can further support financial inclusion – especially among informal merchants –and help these businesses deliver new and best-in-class contactless consumer experiences using a device they already own: a smartphone.”
Hellopay will pilot the solution with 1,000 merchants over the next six months. Mastercard, which continues to be at the forefront in the design of security requirements for Tap on Phone, will manage the payments infrastructure to ensure the solution remains safe, secure, and seamless.
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