UBA Partners Mastercard on Digital Payment Solution
The United Bank for Africa (UBA) has introduced the Master Pass â€˜Quick Responseâ€™ (QR) Bot.
The payment solution enables micro, small and medium enterprises (MSMEs) in Nigeria and across Africa to receive digital payments from their customers through scanning, using their Facebook account.
Developed by MasterCard International in partnership with Facebook, Master Pass â€˜Quick Responseâ€™ (QR), allows payment collection by SMEs through Facebook Messenger and delivers unified and instant self-service across a range of interconnected payment solutions.
Like LEO, an artificial intelligence payment solution that was introduced by UBA, the Master Pass QR is a chat Bot, currently available via Facebook Messenger as Masterpass QR for Merchants
A statement from the bank explained that with this development, customers are given the freedom to shop across devices and channels. With Masterpass QR for Merchants, small and informal micro merchants, large corporates and governments now have access to fast, simple and secure digital payments options, a global digital system that allows people pay for services using mobile phones.
Speaking on the development, Group Executive, Digital & Consumer Banking, Anant Rao, said: â€œOur customers are at the heart of our business, thatâ€™s why we keep going the extra mile to satisfy them. As we very well know MSMEs contribute significantly to the economy but remain heavily dependent on cash to run their business; however, consumers are demanding safer and more convenient ways to pay.
â€œThe innovative new platform enables MSMEs in Nigeria receive digital payments from millions of customers by simply scanningâ€
He noted that, access to mobile technology presents an opportunity to meet this demand, and the new UBA Masterpass QR Merchant App is set to change the payment landscape to the benefit of micro merchants across the country.
Rao further explained that, banking is going conversational and UBA in partnership with Facebook is at the forefront of driving this innovation globally.
Rao, confirmed that UBA will be working with other Mastercard partners that are experts in their respective fields thereby further supporting the local industry.
â€œBy using Masterpass, our customers can know with confidence that they are paying with trusted technology, whether they are a small business buying equipment at an office supply store or a family of four dining at their favourite neighborhood restaurant,â€ he added.