Prophius, a software firm that focuses on helping small businesses succeed without distraction in a rapidly changing environment, has announced the release of its PayContactless solution, which enables small businesses to take contactless payments through their NFC-enabled Android phones.
The advancement is anticipated to enhance customers’ demand for secure and convenient digital payments while increasing small and microbusinesses’ (SMEs) adoption of digital payments in Nigeria, Ghana, Kenya, Uganda, and other important markets in Sub-Saharan Africa.
With no additional hardware or setup fees, the system transforms Android smartphones into safe payment acceptance terminals for contactless cards, mobile wallets, and even smart watches. Small businesses will gain from a quicker in-store checkout process and the simplicity of accepting card payments for deliveries.
With the achievement of this milestone, Prophius is now the first financial technology (Fintech) company in West Africa to receive Mastercard’s “Tap on Phone” certification, furthering its goal of fostering commerce and fostering frictionless payment experiences at the storefront.
Olugbenga Adams, the company’s founder and chief executive officer, claimed that they have entered a new stage in their effort to make it easy, affordable, and efficient for people to conduct business at storefronts.
This is especially important for small businesses, which need to accept payments without the associated hardware cost and partners, including financial institutions and Fintech companies that want to enrich their existing products with contactless payments acceptance.
He reiterated that PayContactless offers customers a flexible, smooth, simple, and secure checkout experience and added that all a client needs to do to make a purchase is touch a contactless card or wearable against a merchant’s device.
“If the transaction amount exceeds the cardholder’s verification limit for contactless, the customer will be required to enter their bank card PIN onto the merchant’s phone. This is safe for the cardholder, as the PIN is encrypted and is not accessible by anyone.”
By introducing more SMEs to digital commerce platforms and highlighting the need of small businesses for systemic economic recovery, Mastercard’s Country Manager and Area Business Head for West Africa underlined the importance of small businesses.
“We are putting in place a strong foundation that can facilitate sustainable growth. Through our partnership with Prophius, we can further support financial inclusion and help the businesses to deliver new and best-in-class contactless consumer experiences using smart phones”
In Sub-Saharan Africa, Prophius has partnered with a number of banks. The solution is anticipated to be made available to small enterprises in a few markets starting in October 2022.