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Mastercard Launches SME-in-a-Box To Support Small Businesses

Fintech

News

Aug. 17, 2020, 3:26 p.m.

Mastercard, the multinational financial services company, has rolled out a low-cost payment solution dubbed SME-in- a-box, to allow small businesses digitize their businesses.

According to a press release from Mastercard, SME-in-a-Box will allow small business owners to move their businesses online and accept a range of digital payments from customers.

It will assist small and micro merchants across the region to widen their customer base through digital platforms and enable sustainable revenue growth.

The new payment solution is powered by Mastercard’s payment technology and its fintech partners including SmartPesa, a banking solutions company.

Apart from enabling small and medium enterprises (SMEs) to accept toucless payments at no additional cost, SME-in-a-Box also runs a software based solution made available on Android mobile devices through an intuitive application.

It will facilitate QR code payments, contactless payments and can generate e-payment links for remote payment

Mastercard also says it enables SMEs to create an online presence through the plug-and-play e-commerce store builder, which is interfaced with an instant online checkout through its Simplify Commerce ecommerce platform.

The Senior Vice President (SVP) of of product management, digital payments and labs, Mastercard Middle East and Africa, Gaurang Shah, stated that, ““We recognise the overwhelming pressure that small business owners are currently facing and are committed to supporting them through COVID-19 and beyond by bringing our tools at a low cost and rapid time to market. The SME-in-a-Box offering provides SME owners with a quick and simple way to digitise their business and build a platform for sustained future growth.”

Mastercard said it has further made a global commitment to bring one billion people into the digital economy by 2025. This includes 50 million small businesses and 25 million women entrepreneurs.

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Dorcas

Dorcas Benewaa Author

Dorcas is an upcoming journalist. She loves the creative arts and loves to write about startups, digital arts and issues in the tech sector.

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