Network International has launched Tap on Phone technology in a tie-up with Mastercard to expand digital payment acceptance across Middle East and Africa.
The Tap on Phone technology enables mobile phones to serve as payment terminals.
It is estimated that 500,000 new merchants across the region will stand to benefit from the ‘simple’ digital payment acceptance mode.
The Tap on Phone is powered by Mastercard Payment Gateway Services (MPGS).
It enables small and medium-sized businesses (SMEs) to accept payments through a smartphone.
Customers are required to tap their card or device to make the payment on the SME merchant’s phone.
Each transaction would be processed through MPGS.
In an era of omni-channel ecosystem, consumers are increasingly seeking more choices to pay the way they want to and Tap on Phone will serve as an affordable and convenient payment option, stated Mastercard.
Mastercard division president for MENA Khalid Elgibali said: “We are excited by the possibilities that expanded digital payment acceptance offer – not just for merchants and businesses, but also to the regional economies and communities that will benefit from the resulting growth in commerce.
“Our ongoing collaboration with Network International continues to go from strength to strength in activating expanded access to the tools and technology that are adding value and creating a foundation for shared prosperity.”
Network International group managing director for Acquiring Andrew Key said: “As a leading enabler of commerce, we remain committed to connect SMEs, the backbone of any economy, with innovative solutions that will drive wider acceptance across the region.
“We are proud to partner with Mastercard to grow the opportunities for entrepreneurs through the launch of Tap on Phone.”
Mastercard had made a strategic investment in Network International in 2019. Following this, it made an additional commitment over a five-year period towards developing payment solutions for consumers to speed up cashless payments acceptance in the region and the launch of Tap on Phone was part of this strategy.
Pledging $250m, Mastercard has committed to link 50 million micro, small and medium-sized firms across the world to the digital economy by 2025.