Mastercard and Netcash have partnered to launch Quick Response (QR) code payments as part of its efforts to help Small and Medium Enterprises (SMEs) collect revenue more effectively.
This QR payment system hopes to meet the demand of today’s connected consumers who are increasingly seeking easy and contactless ways to pay their bills during social distancing.
Through the collaboration with Mastercard, Netcash will enable merchants to accept card payments from select Masterpass-enabled digital wallets across various channels including physical or digital invoices, eCommerce sites as well as at Point of Sale.
Consumers can pay their bills by scanning the QR code with any Masterpass digital wallet, the Scan to Pay functionality in the Nedbank or FNB banking apps or with Zapper. They then select the payment card they would like to use and enter their bank card’s ATM PIN or One Time PIN number to authorise payment. Their account will be updated immediately.
“We are proud to partner with Netcash at a time when small businesses and merchants need an affordable payments solution to meet consumer needs as they are increasingly looking for contactless ways to settle their bills during this time of social distancing,” says Suzanne Morel, Country Manager for Mastercard South Africa.
“This also frees South Africans from having to withdraw cash, hand over their payment card, or load a new beneficiary onto Internet banking. Now they can pay for an extensive range of services and bills, anywhere, anytime they want simply by scanning a QR code.”