UBA Partners Mastercard To Roll Out Payment Solution For MSMEs
United Bank for Africa (UBA) has partnered with MasterCard International to roll out a payment solution which enables micro, small and medium enterprises (MSMEs) in Nigeria and across Africa to receive digital payments from their customers through scanning, using their Facebook account.
According to the bank, the new App is a chat Bot, currently available on Facebook Messenger as MasterPass QR for merchants, much like the chart banking personality, LEO, the artificial intelligence payment solution recently introduced. It allows payment collection by SMEs through Facebook Messenger and delivers unified and instant self-service across a range of interconnected payment solutions.
Speaking on the development, Group Executive, Digital & Consumer Banking, Anant Rao, said: “Our customers are at the heart of our business, that’s why we keep going the extra mile to satisfy them. As we very well know MSMEs contribute significantly to the economy but remain heavily dependent on cash to run their business; however, consumers are demanding safer and more convenient ways to pay. The innovative new platform enables MSMEs in Nigeria receive digital payments from millions of customers by simply scanning.
“Banking is going conversational and UBA in partnership with Facebook is at the forefront of driving this innovation globally. “It is 100 per cent self-service and generation of the QR is immediate. Acceptance of payments can begin immediately the QR is generated, it is making banking simple.”
Rao noted that access to mobile technology presents an opportunity to meet this demand, and the new UBA MasterPass QR Merchant App is set to change the payment landscape to the benefit of micro merchants across the country.
“With this development, customers are given the freedom to shop across devices and channels. With MasterPass QR, small and informal micro merchants, large corporates and governments now have access to fast, simple and secure digital payments options, a global digital system that allows people pay for services using mobile phones. “
In addition, individuals can now make purchases via merchant apps, in-store or online by simply clicking the MasterPass button and authenticating to complete a transaction. All a user simply needs to do is Scan the QR Code generated by the merchants to pay; making transactions for both the merchant and customer fast and seamless. It is 100 per cent self-service and generation of the QR is immediate. Acceptance of payments can begin immediately the QR is generated, it is making banking simple,” he added.