Mastercard and KaiOS join forces to empower African business owners by expanding access to digital payment solutions.
Mastercard and KaiOS Partner to Boost Digital Payments for African SMEs
In a significant move towards financial inclusion and economic empowerment, Mastercard and KaiOS Technologies have joined forces to integrate digital payment solutions for small businesses across Africa and other emerging regions.
The partnership aims to simplify digital payment acceptance for merchants, particularly small and medium-sized enterprises (SMEs) in developing markets. By leveraging KaiOS's affordable smart feature phones and Mastercard's payment technology and global network, the collaboration seeks to drive digital payment acceptance and reduce obstacles faced by SMEs.
Jorn Lambert, Mastercard's chief product officer, emphasized the importance of this initiative, stating, "We are committed to simplifying digital payment acceptance for merchants, and this partnership is a significant step towards that goal."
KaiOS Technologies, known for introducing affordable merchant payment terminals resembling feature phones, will enable small business owners to accept digital payments using their devices. This includes Mastercard's QR Pay by Link, an innovative payment solution that allows businesses to accept digital payments without the need for expensive point-of-sale terminals.
The partnership initially focuses on Côte d'Ivoire and Nigeria, with plans to expand to other countries in Africa and developed regions. Mastercard has already made strides in this direction, having invested $200 million in MTN Group's fintech business in February 2024.
In April 2024, Mastercard partnered with Onafriq to enhance secure payments for consumers and SMEs across Africa. This partnership is expected to set new benchmarks for efficiency and drive greater financial inclusion.
Olamide Afolabi, CEO of TAP, views the integration of KaiOS into their platform as a crucial step towards enabling millions of feature phone users to access digital payment solutions. Sebastien Codeville, CEO of KaiOS Technologies, highlights the company's mission to connect underserved communities with the digital world.
Dirk Bruynse, Chief Operating Officer of Wizzit, anticipates that the partnership will help expand secure payment acceptance solutions across Africa and beyond. The partnership is set to transform the landscape of digital payments in Africa by combining KaiOS's affordable technology with Mastercard's global payment infrastructure.
The collaboration also plans to introduce tap-and-go contactless payments technology in the near future, further simplifying the digital payment process for merchants and consumers alike. With these initiatives, Mastercard and KaiOS are poised to make a significant impact on the digital payment landscape, driving economic growth and financial inclusion in Africa and beyond.
