Ecobank unveils Masterpass QR to deepen financial inclusion

March 20, 2017
Source: thebftonline.com | Ghana
Ecobank unveils Masterpass QR to deepen financial inclusion

Ecobank Ghana has unveiled a new service dubbed ‘Masterpass QR’ in partnership with MasterCard to undertake secure digital payment via the mobile phone.

The Ecobank's Masterpass QR seeks to integrate various payment platforms in a safe and secure way for consumers, merchants and service providers and this is expected to help bring in more Ghanaians into the banking fold.

The new service allows Ecobank account holders who have the Ecobank Mobile Banking App on their smartphones to make payments at various sales points by just scanning the Ecobank QR at a merchant's place. Those with feature phones can access the service via *770#.

The service, therefore, enables merchants like shops, restaurants, bars, food sellers, taxi/trotro drivers among others to accept payment from mobile phones, cards etc without having to use a point of sale (POS) device.

Ecobank Ghana Managing Director, Dan Sackey, said the systems saves merchants the cost of buying POS devices and the risk of handling loads of cash from sales, while the consumer has the luxury of access to money in their account even when they do not have cash.

"The payment is instant and the merchant can also have instant access to their money. This eliminates the cost of physical POS terminals and reliance on network or the internet connectivity," he said.

Mr. Sackey said the Ecobank Masterpass QR also keeps records of transaction volumes and sales and therefore makes it easy for the bank to offer financial support to the merchant upon request.

West African Regional Manager for Consumer Distribution for Ecobank, Owuraku Asare noted that very soon mobile money wallet holders would also be able to use the Ecobank Masterpass QR to make payments from their mobile wallets.

"Other banks will soon launch it and it will help to boost financial inclusion in the country - help to boost the drive towards a cashless society and ultimately reduce the cost of printing and using cash," he said.

He noted that Masterpass QR is the safest digital payment platform yet because it requires the use of a personal identification number (PIN), which means no one can access another person's funds.

Owuraku Asare said Ecobank QR allows customers to make payments of up to GH¢5,000 in one transaction and up to GH¢20,000 in a day.

Obi Okwuegbunam, Country Manager of 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.

Mr. Sackey (right) buying fruit juice with the new service

 

Ecobank unveils Masterpass QR to deepen financial inclusion

Ecobank Ghana has unveiled a new service dubbed ‘Masterpass QR’ in partnership with MasterCard to undertake secure digital payment via the mobile phone.

The Ecobank's Masterpass QR seeks to integrate various payment platforms in a safe and secure way for consumers, merchants and service providers and this is expected to help bring in more Ghanaians into the banking fold.

The new service allows Ecobank account holders who have the Ecobank Mobile Banking App on their smartphones to make payments at various sales points by just scanning the Ecobank QR at a merchant's place. Those with feature phones can access the service via *770#.

The service, therefore, enables merchants like shops, restaurants, bars, food sellers, taxi/trotro drivers among others to accept payment from mobile phones, cards etc without having to use a point of sale (POS) device.

Ecobank Ghana Managing Director, Dan Sackey, said the systems saves merchants the cost of buying POS devices and the risk of handling loads of cash from sales, while the consumer has the luxury of access to money in their account even when they do not have cash.

"The payment is instant and the merchant can also have instant access to their money. This eliminates the cost of physical POS terminals and reliance on network or the internet connectivity," he said.

Mr. Sackey said the Ecobank Masterpass QR also keeps records of transaction volumes and sales and therefore makes it easy for the bank to offer financial support to the merchant upon request.

West African Regional Manager for Consumer Distribution for Ecobank, Owuraku Asare noted that very soon mobile money wallet holders would also be able to use the Ecobank Masterpass QR to make payments from their mobile wallets.

"Other banks will soon launch it and it will help to boost financial inclusion in the country - help to boost the drive towards a cashless society and ultimately reduce the cost of printing and using cash," he said.

He noted that Masterpass QR is the safest digital payment platform yet because it requires the use of a personal identification number (PIN), which means no one can access another person's funds.

Owuraku Asare said Ecobank QR allows customers to make payments of up to GH¢5,000 in one transaction and up to GH¢20,000 in a day.

Obi Okwuegbunam, Country Manager of 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.

Mr. Sackey (right) buying fruit juice with the new service

 

Ecobank unveils Masterpass QR to deepen financial inclusion

Ecobank Ghana has unveiled a new service dubbed ‘Masterpass QR’ in partnership with MasterCard to undertake secure digital payment via the mobile phone.

The Ecobank's Masterpass QR seeks to integrate various payment platforms in a safe and secure way for consumers, merchants and service providers and this is expected to help bring in more Ghanaians into the banking fold.

The new service allows Ecobank account holders who have the Ecobank Mobile Banking App on their smartphones to make payments at various sales points by just scanning the Ecobank QR at a merchant's place. Those with feature phones can access the service via *770#.

The service, therefore, enables merchants like shops, restaurants, bars, food sellers, taxi/trotro drivers among others to accept payment from mobile phones, cards etc without having to use a point of sale (POS) device.

Ecobank Ghana Managing Director, Dan Sackey, said the systems saves merchants the cost of buying POS devices and the risk of handling loads of cash from sales, while the consumer has the luxury of access to money in their account even when they do not have cash.

"The payment is instant and the merchant can also have instant access to their money. This eliminates the cost of physical POS terminals and reliance on network or the internet connectivity," he said.

Mr. Sackey said the Ecobank Masterpass QR also keeps records of transaction volumes and sales and therefore makes it easy for the bank to offer financial support to the merchant upon request.

West African Regional Manager for Consumer Distribution for Ecobank, Owuraku Asare noted that very soon mobile money wallet holders would also be able to use the Ecobank Masterpass QR to make payments from their mobile wallets.

"Other banks will soon launch it and it will help to boost financial inclusion in the country - help to boost the drive towards a cashless society and ultimately reduce the cost of printing and using cash," he said.

He noted that Masterpass QR is the safest digital payment platform yet because it requires the use of a personal identification number (PIN), which means no one can access another person's funds.

Owuraku Asare said Ecobank QR allows customers to make payments of up to GH¢5,000 in one transaction and up to GH¢20,000 in a day.

Obi Okwuegbunam, Country Manager of 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.