UBA speeds up financial inclusion for small business with MasterPass payment solution
Africa’s global bank, United Bank for Africa (UBA), has unveiled a Master Pass ‘Quick Response’ (QR) Bot e-payment solution designed to drive up financial inclusion within the massive small business segment of the economy.
The bank in a statement, averred that the payment solution enables the micro, small and medium enterprises (MSMEs) in Nigeria, and across Africa, to receive digital payments from their customers through scanning, using their Facebook account.
Developed by MasterCard International in partnership with Facebook, Master Pass ‘Quick Response’ (QR), allows payment collection by SMEs through Facebook Messenger and delivers unified and instant self-service across a range of interconnected payment solutions.
UBA revealed further that just like its trending chart banking personality, LEO, the acclaimed artificial intelligence payment solution introduced recently by the company; Master Pass ‘Quick Response’ (QR) is a chat Bot, currently available on Facebook Messenger as MasterPass QR for Merchants
The statement noted that “With this development, customers are given the freedom to shop across devices and channels. With MasterPass QR for Merchants, small and informal micro merchants, large corporates and governments now have access to fast, simple and secure digital payments options, a global digital system that allows people pay for services using mobile phones.
“In addition, individuals can now make purchases via merchant apps, in-store or online by simply clicking the MasterPass button and authenticating to complete a transaction. All a user simply needs to do is Scan the QR Code generated by the merchants to pay; making transactions for both the merchant and customer fast and seamless.”
In his remarks, the Group Executive, Digital & Consumer Banking, Anant Rao, noted “Our customers are at the heart of our business, that’s why we keep going the extra mile to satisfy them. As we very well know Micro, Small and Medium Enterprises (MSMEs) contribute significantly to the economy but remain heavily dependent on cash to run their business; however, consumers are demanding safer and more convenient ways to pay.“The innovative new platform enables Micro Small and Medium Enterprises (MSMEs) in Nigeria receive digital payments from millions of customers by simply scanning.”
Continuing, he observed that access to mobile technology presents an opportunity to meet this demand, and the new UBA Masterpass QR Merchant App is set to change the payment landscape to the benefit of micro merchants across the country.
He explained further that Banking is going conversational and UBA in partnership with Facebook is at the forefront of driving this innovation globally. “It is 100 per cent self-service and generation of the QR is immediate. Acceptance of payments can begin immediately the QR is generated, it is making banking simple.”
Business Hilights observed that the introduction of MasterPass QR Bot is coming on the heels of the recent agreements between United Bank for Africa Plc and Agence Française de Development (AFD), France’s public and solidarity-based development bank, to utilise the EURIZ and ARIZ schemes offered by AFD to facilitate the financing of the SMEs and startups across the 20 countries where UBA operates in Africa.
