Mastercard, KaiOS woo SMEs with cheaper payment terminals

KaiOS Technologies and Mastercard want to lower the costs of traditional payment acceptance terminals to help more small and medium-sized businesses (SMEs) accept digital payment solutions.

The collaboration, which will begin in Nigeria and Cote d’Ivoire, aims to deliver affordable payment acceptance devices. A Mastercard report recently highlighted that 75 percent of Nigerian SMEs consider accepting digital payments one of their top growth drivers.

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SMEs contribute about 50 percent to Nigeria’s GDP but adopting digital payments is expensive for many because of the costs of traditional payment acceptance terminals like point-of-sale machines and technical implementation challenges.

“This, in turn, makes it harder for these businesses to meaningfully participate in the digital economy and limits inclusive growth,” the partners said. They noted that by using KaiOS-powered phones, small businesses would be able to accept payments safely and easily via Mastercard QR, Mobile Point-of-Sale solutions, and Tap & Go contactless payments technology.

“Acceptance fuels a successful digital economy, so it is critical that we meet people where they are today and move them forward together,” said Jorn Lambert, chief product officer at Mastercard. “Whether it’s a micro-merchant in Cote d’Ivoire to an enterprise in Indonesia, our goal is to make it as easy for merchants to accept digital payments as it is for consumers to make them. We are looking forward to working closely with KaiOS Technologies to bring the best of our technology, scale, and expertise together to drive growth for emerging markets around the world.”

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“By bringing Mastercard’s secure payment technology to affordable internet phones running KaiOS, we’re unlocking new opportunities for small businesses and entrepreneurs, allowing them to participate in modern commerce more fully. This innovation brings down the barriers and enables an affordable consumer device to become a powerful business tool,” added Sebastien Codeville, chief executive officer of KaiOS Technologies.