As part of t’s global commitment to connect 40 million micro, small, and medium scale enterprises (MSMEs) to its electronic payment system by 2020, MasterCard will be rolling out its Masterpass Quick Response (QR) system in Kenya this year. The Masterpass QR is anticipated to bring smart financial inclusion to about 150,000 traders in Kenya by promoting business transaction and financial ease within the micro, small and medium, scale enterprise sector.
Starting this month, diverse financial agencies and institutions within the local market in Kenya will be granted access to the person-to-merchant payment system including the ever expanding Mobile Money services. The Masterpass QR allows a swift, and easy but yet secured payment solution for both consumers and merchants. This development by MasterCard increases their 2015 ‘Universal Financial Access 2020’ commitment.
This new system, when rolled out, will bring financial security to most traders. The system allows in-store purchases simply by scanning the QR code displayed at the checkout on their smartphones, or by entering a merchant identifier into their feature phones. Users are able to use the solution at any location where Masterpass QR is accepted. The services can be used across the continent as well. The Masterpass QR is currently available in Ghana, Nigeria, Rwanda, Tanzania, and Uganda. MasterCard is continuously in forts to expand their financial payment solutions across the continent.
Commenting on the new development, the Division President for Sub-Saharan Africa and head of Financial Inclusion for International Markets at MasterCard – Daniel Monehin said “We want to help these business owners to grow and prosper by delivering solutions that meet the needs of these business owners.” He mentioned that Kenya is leading the charge in financial inclusion, with the World Bank reporting that 75 percent of its citizens over the age of 15 having a bank account. Masterpass QR has the potential to drive that number up further and more rapidly due to the penetration of mobile devices in the market, He said.