Saturday 30 May, 2020

Mastercard introduces electronic payment system for MSMEs

Mastercard introduces electronic payment system for MSMEs.

Mastercard introduces electronic payment system for MSMEs.

Mastercard has introduced an electronic payment system for micro, small and medium-sized enterprises.

The system, dubbed, “Bank in the Box”, will help business owners simplify and optimize the way they sell, buy and operate, Mastercard said in a release.

The kit contains a mobile card reader that works with any smartphone and a Mastercard debit card, enabling merchants to begin accepting electronic payments. The payment system is being used by players in the tourism industry in Bermuda and the Bahamas.

“Mastercard is excited to explore this initiative in Jamaica. We strongly believe that small merchants and individual entrepreneurs are key players to foster financial inclusion”, said Ray Merceron, Mastercard Country Manager for the English Caribbean.

Additionally, card payments are recognised as safer as and more convenient than cash – a direct benefit to the merchant.

The “Bank in the Box” solution has been successfully introduced in Bermuda and The Bahamas, with hundreds of tourism entrepreneurs in those countries adding “all cards accepted here” to their business payment options.

Studies by Mastercard in Latin America and The Caribbean show an estimated 25 million micro and small businesses in the region, yet 70 per cent of those businesses do not accept electronic forms of payment, missing out on card transactions that are on average, two to four times higher than cash transactions.

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