MasterCard, Equity Bank and Ezetap have today announced the introduction of mobile point of sale (MPOS) technology in Kenya.
MPOS service is expected to make it easy for retailers to handle payments by allowing them to use mobile phones as a point of sale terminal and to accept electronic payments as opposed to payment on a cash to cash basis.
It has three components namely a smartphone, the MPOS card reader payment application and a card reader that is plugged into the smartphone.
The pilot project that has been ongoing since last month targets selected merchant retail outlets and seeks to issue five million cards with Equity Bank expected to issue the necessary data to implement a more in-depth nationwide roll-out of the Ezetap MPOS solution.
According to Ezetap Chief Executive Abhijit Bose, the innovation will be a big step towards capturing developing markets as well as enhancing sales.
“MPOS has the potential to transform payments in emerging markets. However, our experience in other markets has shown that technology is only half the battle, to be fully successful, you need a strong set of partners, like MasterCard and Equity Bank, who truly understand the needs and concerns of the local merchants and consumers,” Abhijit said.
According to MasterCard, the service will help bring down card fraud with retailers being able to check card security features and obtaine authorisation from the company.
The solution that has been operational in India for several months utilises a lightweight and robust gadget, which is plunged into smartphones and tablets as is compliant Payment Card Industry Data Security Standard (PCIDSS) and the Payment Application Data Security Standard (PADSS) global security standards.
MasterCard says the solution is easy to deploy while at the same time offers the convenience of cash transactions
For now, Equity Bank will work with chosen retailers and educate staff on how to utilize the technology.
