MasterCard, Equity Bank and Ezetap Introduce MPOS Technology to Kenya
Signaling a First for Kenya, MPOS Will Assist in Boosting the Acceptance of Electronic Payments in the Country
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BARCELONA--(BUSINESS WIRE)-- At Mobile World Congress, MasterCard in collaboration with Equity Bank announced the introduction of Mobile Point of Sale (MPOS) technology to Kenya. MasterCard and Equity Bank have partnered with Ezetap, one of the leading MPOS providers to introduce this service.
MasterCard's CEO Ajay Banga participates in an Ezetap demonstration. MasterCard, Equity Bank and Ezetap are collaborating to introduce MPOS technology to Kenya. (Photo: Business Wire)
Daniel Monehin, division president, MasterCard Sub-Saharan Africa commented, "Our collaboration with Equity Bank and Ezetap to introduce this innovative technology to Kenya will help businesses and retailers boost sales through broadened acceptance. 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."
This initial MPOS pilot project, which was first announced on 15 January as part of the strategic alliance between Equity Bank and MasterCard to issue 5 million cards, will be targeted at selected merchant retail outlets. This will give Equity Bank the necessary data to implement a more in-depth countrywide roll-out of the Ezetap MPOS solution.
The Ezetap solution has been operational in India for several months. It consists of a lightweight and robust device that can be plugged into smart phones and tablets. The solution is compliant with the Payment Card Industry Data Security Standard (PCIDSS) and the Payment Application Data Security Standard (PADSS) global security standards.
"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," said Abhijit Bose, CEO of Ezetap. "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."
Merchants with transaction volumes of less than US$100,000 are able to revolutionize their businesses with the adoption of this technology. Small merchants in Kenya are taking the lead on the African continent in adopting technologies that provides low-cost flexible payment solutions. Until now, small merchants have not been able to offer the convenience and security of cashless payments to their customers, but this pilot project, and the technology that supports it, will eventually extend the benefits of electronic payments to all Kenyan merchants and citizens.
"We are thrilled to be working with MasterCard and Ezetap in our drive to offer inclusive, customer-focused financial services," said Dr James Mwangi, MD and CEO of Equity Bank. "MasterCard has an established global reputation as an innovative, reliable payments technology provider, and we are looking forward to building on our long standing relationship and pioneering the introduction of MPOS to Kenyan businesses."
The MPOS solution from Ezetap includes three components: A mobile phone, the MPOS card reader payment application and the Ezetap MPOS Card Reader that plugs into the mobile handset. The card reader allows the retailer to swipe debit, credit or prepaid cards. The quick, easy and safe payment solution is inexpensive to deploy, and offers the safety and convenience of cashless transactions.
MPOS technology will assist in eliminating fraud in Kenya. Equity Bank will work closely with the chosen retailers in the pilot project to educate sales staff on how to correctly utilize the MPOS technology. Retailers who retain the card until the transaction is completed, check card security features and obtain authorization will avoid becoming a victim of criminal behavior, closely linked to cash transactions.
Find a complete list of MasterCard's news announcements from Mobile World Congress in our Digital Press Kit and follow us @MasterCardNews #MWCashless #MAMobileSymp to join the conversation.
MasterCard (NYS: MA) , www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
About Equity Bank
Equity Bank is an all-inclusive financial services provider with a growing pan-African footprint. Listed on the Nairobi Securities Exchange (NSE: EQTY) and Uganda Securities Exchange (USE: EBL) and with over 8 million customers spread across five East African markets, we have grown from humble beginnings as a provider of mortgage financing to Kenya's low income population to Africa's biggest bank by customer base. Our vision is "to be the champion of the socio-economic prosperity of the people of Africa," a vision we continue to pursue through a business model that is anchored on access, convenience and flexibility for our clients.
Ezetap is a Mobile-based Payments service provider for emerging markets based in Bangalore, India. The company was co-founded in 2011 by CEO Abhijit Bose, CTO Bhaktha Kesavachar, and mobile payments pioneer Sanjay Swamy who serves as the company's Chairman. The Ezetap service is PCI-DSS compliant and has been certified by multiple leading financial institutions. In addition to Kenya, Ezetap is the leading MPOS provider in India and has been live since early 2012. Ezetap is funded by top-tier investors including the Social Capital Partnership which is led by ex-Facebook executive Chamath Palihapitiya and Angelprime, one of India's leading incubators.
KEYWORDS: Europe Spain Africa Kenya
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