MasterCard has collaborated with Nigerian tech start-up NetPlus to develop an e-commerce solution that will promote cashless payments for online shopping.

The US-based payment firm believes that the new technology will empower the consumer and the e-retailer, as well as the delivery service, by offering a simple and secure digital solution.

Consumers can pre-authorise the payment when placing their order online, the e-retailer dispatches the goods through a delivery service that is able to use the MasterCard e-commerce app to authorise the release of the payment once the consumer approves, ensuring the merchant is paid instantly.

If the consumer is not happy with their package, the transaction can be voided and the funds will be returned immediately to consumer’s account without any delay.

MasterCard vice president and area business head for West Africa Omokehinde Adebanjo said: “Cash has held the sector back from reaching its full potential in Africa.

“We have invested a great deal of energy and resources to develop a workable solution that will meet the diverse needs of merchants and consumers across the continent, and world. It is fitting that our partnership with NetPlus, an African-born tech company, has resulted in us achieving our goal of digitising the e-commerce sector.”