MasterCard and Ezetap Partner With Equity Bank to Bring MPOS to Kenya
Having already dominated the Indian market, Mobile Payment Solution company Ezetap, with the help of MasterCard, have secured a partnership with one of Kenya’s largest banks to deliver a new mPOS solution into the region.
Targeting selected merchant retail outlets, Equity Bank promise to educate and train sales staff on how to use the mPOS technology properly – thus making it far easier for customers to make payments via the new service.
Working in a similar way to Square, PayPal Here, iZettle, or newcomer Affirm in the west, Ezetap plugs into the headphone jack of a smartphone or tablet allowing them to be turned into mPOS terminals. However a mobile app is also available to let the device work on older ‘feature phones’ – such as the Nokia S40.
Ezetap works by just capturing signatures electronically, thus doing away with the need for paper receipts. It’s unclear if the reader utilises swipe payments or NFC – or even direct peer-to-peer payments.
“Our collaboration with Equity Bank and Ezetap to introduce this technology to Kenya will help businesses and retailers boost sales through broadened acceptance,” said Daniel Monehin, Mastercard’s Sub-Saharan Africa division president. “The MasterCard MPOS solution will allow Kenyan retailers who previously operated on a cash-only-basis, to use mobile phones as point of sale (POS) terminals and accept electronic payments,”
Ezetap costs Rs 1,500 in India, it’s unclear how much it will cost in the Kenyan market.
Is this a smart move by MasterCard, Ezetap and Equity bank?
After all, 60 per cent of Kenyan GDP in June 2012 came from mobile payments, but much of that came from the previously unbanked who don’t make use of card-based payments.
Are they doomed to failure in this growing and steadily competitive market?
Let us know your thoughts by commenting below.
As the Sub-Saharan African market continues to grow at a rapid pace in adopting mobile and alternative payment methods, it’s more than worth your while attending Cards & Payments Africa 2013 to get ahead of the game and learn exactly what you’ll need to penetrate the market. Download a brochure for free to find out more.