Mastercard, Netcash intro QR billing service for SMEs
To advance the revenue collection efforts of small and medium enterprises (SMEs), Netcash has partnered with Mastercard to introduce QR payments across its multi-channel billing platform.
Netcash, a payment solutions provider, processes two million bills annually for a wide range of SMEs, including schools, non-profit organisations and tradesmen.
The Mastercard partnership will enable merchants using Netcash’s solutions to accept card payments from select Masterpass-enabled digital wallets across various channels, including physical or digital invoices, e-commerce sites as well as at point of sale.
In terms of functionality, consumers can pay their bills by scanning the QR code with any Masterpass digital wallet, the scan-to-pay functionality in the Nedbank or FNB banking apps, or with Zapper, according to a statement.
The consumer will then follow up by selecting the payment card they would like to use and enter their bank card’s ATM PIN or one-time-PIN number to authorise payment. Their account will be updated immediately.
“We are proud to partner with Netcash at a time when small businesses and merchants need an affordable payments solution to meet consumer needs as they are increasingly looking for contactless ways to settle their bills during this time of social distancing,” says Suzanne Morel, country manager for Mastercard South Africa.
“This also frees South Africans from having to withdraw cash, hand over their payment card, or load a new beneficiary onto Internet banking. Now they can pay for an extensive range of services and bills, anywhere, anytime they want simply by scanning a QR code.”
According to Charles Pittaway, MD of Netcash, the QR code payments form part of Netcash’s strategy to offer its customers a wide choice of convenient payment options across channels, improve revenue collection, speed up payments and achieve efficiencies.
“We are using the latest technologies to make it as easy as possible for SMEs to collect revenue from their customers. Offering a selection of seamless payment options that can be used across channels such as mobile, e-commerce, and in the face-to-face retail environment is an important part of achieving that goal.
“Our strategic partnership with Mastercard allows anyone with a mobile device to process secure online payments by simply scanning the QR code on their bill and following the on-screen prompts. This is in addition to the 3D secure credit card payments already available through Mastercard, including the ability to process cash payments powered by Masterpass.”