Ecobank Ghana has launched the Masterpass QR, a smart merchant solution that accepts payments for goods and services from the mobile phone, providing micro, small and medium enterprises the opportunity to move from cash to digital payments.
The Ecobank QR allows merchants to accept payments from any mobile devices without a physical Point of sale (POS) terminal while allowing Ecobank customers to be able to pay for goods and services using Ecobank Masterpass QR, thereby reducing the need to carry cash or bank cards.
Users of Ecobank’s mobile banking platform will be able to safely pay for online and in-store purchases by scanning a Quick Response (QR) code displayed at checkout on their smartphones, or by entering a merchant identifier into their feature phones.
“It is clear that any entity involved in commerce, be it the distribution of goods and services, the supermarket, restaurant, your local chop bars, fruit seller by the roadside, waakye seller, barbering shop etc, will benefit from the instant payment solution,” Mr Dan Sackey, Managing Director of Ecobank Ghana said.
Mr Sackey said the Ecobank MasterPass QR was designed together with Mastercard to support Ecobank’s retail payment strategy.
He said the ability of the digital payment service to operate without physical POS terminals and internet connectivity made it a suitable payment product for all.
Mr Sackey said shoppers did not need to carry cash or their physical bank cards but could make fast, safe and simple digital payments using Ecobank Masterpass QR via their mobile banking app on their mobile device anywhere that Masterpass QR is accepted.
“The merchant is therefore able to have access to the payment instantly and this bring huge benefits to the merchant by eliminating the costs associated with handling cash and provides the merchant with a record of all transactions,” he said.
Mr Sackey said the bank has plans to use the merchant sales records and volumes to support requests for financial support from the merchants.
Mr Obi Okwuegbunam, Country Manager MasterCard said the company was happy to team up with Ecobank to bring this technology to the country and help consumers leapfrog into the digital age.
He said the solution was going to revolutionise the eco-payment system and advance the move towards a cashless society