Prophius partners with Mastercard to launch Tap on Phone payments to Small Businesses in Sub-Saharan Africa
Financial technology company Prophius has announced the launch of its PayContactless solution certified by Mastercard – 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 and micro enterprises in Nigeria, Ghana, Kenya, Uganda, and other key markets in Sub-Saharan Africa while supporting consumers’ preference for safe and seamless digital payment.
PayContactless leverages Mastercard Tap on Phone, a simple and cost-effective digital payment technology developed for micro and small businesses and tradesmen who tend to operate in a cash economy due to the costs and complexity of obtaining traditional point of sale devices. The solution turns Android smartphones into secure payment acceptance devices for contactless cards, mobile wallets and even smartwatches — with no additional equipment or set-up costs.
Small businesses will benefit from a faster checkout in-store, as well as be able to easily accept card payment on delivery.
This milestone makes Prophius the first fintech in West Africa to be certified by Mastercard for Tap on Phone and furthers its mission to enable commerce and create seamless payment experiences at the storefront.
“This is the next phase for us in our quest to enable commerce at the storefront in a simple, cheap, and effective way,” says Olugbenga Adams, Founder & CEO at Prophius. “This is especially important for small businesses who need to accept payments without the associated hardware cost and partners including Financial Institutions and Fintech companies who want to enrich their existing products with contactless payments acceptance.”
PayContactless provides consumers with a checkout experience that is flexible, seamless, intuitive and secure. To pay, the customer simply taps their contactless card or wearable against the merchant’s device. If the transaction amount exceeds the cardholder’s verification limit for contactless, the customer will be required to enter their bank card PIN onto the merchant’s phone. This is safe for the cardholder, as the PIN is encrypted and is not accessible by anyone.
The Tap on Phone functionality aligns with Mastercard’s commitment to delivering quicker and more accessible payments, without ever sacrificing security for convenience, and supports the technology company’s commitment to connect 50 million micro and small business to the digital economy by 2025.
“Small businesses are crucial for systemic economic recovery, and by connecting more SMEs to digital commerce tools and affordable payment acceptance solutions, we are putting in place a strong foundation that can facilitate sustainable growth,” says Ebehijie Momoh, Country Manager & Area Business Head, West Africa at Mastercard. “Through our partnership with Prophius, we can further support financial inclusion and help these businesses deliver new and best-in-class contactless consumer experiences using a device they already own: a smartphone.”
Prophius is working with several bank partners across Sub-Saharan Africa, with the solution expected to be available to small businesses from October in selected markets.