Prophius has announced the launch of its payment solution, a contactless acceptance solution that turns any near-field communication (NFC)-enabled android device into a physical point of sale certified by Mastercard, making it the first fintech in West Africa to be certified by Mastercard for Tap on phone technology.
Benefits of PayContactless
This launch is aimed at improving the acceptance of digital payment at small and micro enterprises in Nigeria, Ghana, Kenya, Uganda, and other key markets. The businesses stand to benefit from faster checkout in-store and easy card payment acceptance on delivery, while also satisfying consumers’ preference for safe and seamless digital payment at no extra equipment or set-up cost. Consumers get a check-out experience that is flexible, seamless, intuitive, and secure and involves just a simple tap of their contactless card or wearable against the merchant’s device and an encrypted pin in the case where the transaction amount exceeds the cardholder’s verification limit for contactless.
About the Partnership
Speaking on the partnership, the founder and CEO at Prophius Olugbenga Adams, said “This is the next phase for us in our quest to enable commerce at the storefront in a simple, cheap, and effective way. 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.”
This partnership helps further Prophius’s mission to enable commerce and create seamless payment experiences at the storefront. Prophius is working with several bank partners to make the solution available to small businesses in selected markets across Sub-Saharan Africa from October.
In a comment made by Ebehijie Momoh, Country Manager & Area Business Head, West Africa at Mastercard, he said “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, 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 a financial technology company that believes small businesses can create wealth for themselves, individuals, corporate institutions, and society when given the tools, platform, and support to succeed.
Mastercard is a global technology company in the payments industry with a mission to connect and power an inclusive, digital economy that benefits everyone by providing safe, simple, smart, and accessible means of transaction. Using secure data and networks, partnerships, and passion, their solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. The technology company is committed to connecting 50 million micro and small businesses to the digital economy by 2025.